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CIALTI
PUBLISHED IN LONDON AND FRANKFURT
Saturday January 16 1982
DBWWAWC Kr BJ»: FRANCE Fr-5.DC; GEBMANY DM 2Jk ITALY L 1.000; NFTHEHLANOS H 12$; NORWAY Kr 6.00:
BOVISBov s Construction Ltd. '
Operating ihefee system of bul3diag:
SWHJEN Xr .6 JXh SWITZERLAND Fr 2.0; EIRE *2 p; MALTA 30c
rugbyjdayert
Golden oldies
and new releases
pJ3
VS SI MMAin
*»i. ®3j>
>5^ l%!
GE8EBAL
BUSINESS
"■W-
?<yV
....
,:i s^-
near
deal on
up 4.4;
£ gains
on $
535i
FT INDUSTRIAL
ORDINARY INDEX
;,*£**&
-,..V ^ Ji* - •. • EQUITIES: investors dis-
Saif*. Tm.jp ... • - regarded uncertainties over
C travel and the miners' vote. The
s - ^- do^eto agreement last mgiit on ft 36-share index ended the
so a^ve-year Arran^ementt© limit “ ucx enue ° ^
• ■ •.vV UK’spayments to the Com-
* oi & h ■ rJff&fo & v&t - . • •
" iF > ' ^-..VJ^weVer, negotiatfOTi . were
rr.'ic* ■xjwiEtaOjng : after . . divisions
? ''-5 ' «ver • '•agriculttital
■-’v* r-jy jJ;; .reftffnu/ 7 France's ForeigP
. M«Vfter Clatide Cheysson was
■'-■:3 s : afi?" sm-Tco- be threatening to hold
y, on aH measures
fie was satisfied -about aid
1 " t s * i '’^p'dSdiy farmers. _
■ : y"’ ? • ,• ~i : '
ferisforf >; l$&^^peals lost
5 ^ ' r ..■ J^i^ sbciiud escapeTjail only
-•irin c •" -fiir wholly exfcepti onal circiim-
stitHtfes,'’ "Lord Lane^-tito lord .:
• ' i::: • 1 .Graf JuStJce.- sald,;- ctfsmissiiad ;
tr- 18 iinst, jail; sentences. . ..
. y^:^Bla5pI« update \
Crl ;>5 ‘" nuclear njfsafltes Ar& to"
•• .be; .Tnoderolsed .‘at.- .a cost of
vj . . .t^severat .. hundred . . million :
^■f 3 . 5 ' J^nds,” Iht ‘Defence Mimstiy
. -v s jSSFv wTz
■? ur-' . • • ,
520
first leg of the current trading
Account 44 up at 53L6. restor-
ing this measure to aronnd tbe
previous week's closing level.
Page 22 ;
the'
vsur*. :i^tmabaisp-'^fm r&e
Z*tjera3B~ ettwged between SDP
lea^^: Jb^ 7 3 en 3 dns : and David
Qwem .PAgfc’S . Vv- ‘--Yi- •
M ark hdme ; ; r; r;
■Mark Tfiatdier. :'-arrived - in
London "from AJgepa .vvith his
• - GILTS: Government stocks
‘ attracted fresh funds, including
• '• Tein vested 'interest payments.
. Tfie Government Securities
Ihdtti fidfehed .Q33&f*t 62J7.-
•■Blter'ttv ! I; '-
• WALL SXRSer was 3^9 up
aft 848.17 .near the close. Page 18
# STERLING closed in London
at SL8685, a rise of 55 points
on the' day- It jnse -to DM 4JJ25
(DM. . Li). 15wFr -:? 3.4725
Bids for Royal Bank
of Scotland blocked
BY DUNCAN CAMP BELL-SMITH
The Royal Bank of Scotland is
to retain its independence in the
Face of the two £500m bids
launched for. it last April by
Standard' Chartered Bank and
the Hongkong and Shanghai
Banking Corporation.
Mr John Biffen, Secretary of
State for Trade, has accepted
the recommendation of the
Monopolies and Mergers Com-
mission that both proposed
mergers “may be expected to
operate against the public
interest" and that neither
should therefore be permitted.
The recommendation was
hacked by a majority vote of
the six commission' members
who worked for nearly eight
months on the report which they
submitted on December 22. it
includes two notes of dissent
The majority case Tests on
two main planks. First, the
effect of the mergers “on career
prospects, initiative and business
enterprise in Scotland would be
damaging to the public interest
of the United Kingdom as a
whole." Both bids are seen in
this light.
Second, the report concludes
that **transfer of ultimate con-
trol of a significant part of the
clearing bank system outside
the United Kingdom" would
open up “possibilities of
divergence of interest." This
comment is quite explicitly
directed at the Hongkong and
Shanghai Bank alone.
Sir Alan Neale, former
Permanent Under-Secretary at
the Ministry of Agriculture, dis-
sented from the first point and
supported the bid by Standard
and Chartered.
Mr R. G. SmethursL director
of the Department of External
Studies at Oxford -University,
dissented on both counts. Noting
that “ increased competition
rarely makes life easier for
regulatory bodies," he thought
both bids should go ahead.
The report rejects the argu-
ments advanced by the Bank of
England in favour of the
Standard and Chartered bid. At
the same time, however, it gives
lengthy consideration to the
concern felt by the bank at the
takeover of a UK clearing bank
“ by any overseas bank, and, in
particular, by one registered in
Hong Kong."
All three commercial hanks
involved said they were sur-
prised hy the Munster’s deci-
sion, although they had been
prepared for it by the un-
official disclosure of the report’s
findings last weekend.
The. report insists that it
should not be taken to imply
that Scottish institutions are
now beyond the reach of
bidders outside Scotland, nor
that future competition from
overseas banks in the UK would
be unwelcome.
Mr Michael Sandberg, chair-
man of the Hongkong and
Shanghai, said last night that
the whole case had “stood and
fallen on the weight of opinion
as the commission sese it in
Scotland.” He did not see the
decision as a bar to all such bid
"moves in the future.
Royal Bank of Scotland's
shares closed down 15p at 126p.
Hongkong and Shanghai gained
5p to 139p and Standard and
Chartered lOp to close at 685p.
Why bids were turned down.
Page 14
Lex, Back Page
ACC turns down Heron offer
London from Aigepa .with tn& ( SwFc- ; 3.455) and Y419.5
father and. rang- tfie^ Kime ^ Y 418.5). Its trade-weighted
t
. .. . ■*. Minister on a . visit ' ini :Han-
. chaster.: to say . “rmjMuae and
_'y^. - wefi." , • - ^
: "Stuten* .'■/ '
• .; Student Nigel Bastniend*
■; was cleared ’in' London of
- ithreatening to. kUl Mrs Thatcher
• : but gaoled for three years for
. / intending to ‘ inflict grievous
bodily harm.- ’ .' ; • ' V : "
Three given
■ Three me u were gaoled for life
in Ixmdon . for . a - murder, iu
yrhkSot 4fiey began to cut lip. the:
victini’s - ‘body : while- . be >was
»afH alive. ‘ ... •
plot foiled S : .y
Police believe they have fcdled
a plan to extort £290,000 from ;
fiVe bank managers 1 In Sussex
. and' 'Suirey. Kidnap _ threats
.were made.. .against. ffibir .wives.
Thawthg^out
The London ■ Weather Centre
: forecast thk .fee slow weekend
i thaw would coittimie next week
but ScotiaadiwouM become cold
'.again!. 'Weather, JBadk Page;
Feature, Page 15- .
; Welsh h osti I ity
. Soldiers trying to . keep ambu-
■- lance services going -m . Wales
say they have been 'blocked on
* emergency calls' .by gangs of
youths and middlfe-aged i>eople.
■ Petrol price war
index . rose’ to 90.6 (90.1).
Page 21
• : DOLLAR improved to
DM 2.3125 (DM 2^07) and
SwFr L8575 (SwFr 1.854). It
was unchanged '-at Y224^. Its
tradewelghled index fell to 109
(10%3>. Page 21
• GOLD rose $1 to close at
5376^. In. London. In. New York
the Comex January dose was,
$370.7- Page 21. -
• EEC is expected to award
Brioil. a “soft loan” of about
$400ih (£2l5m) to help pay for
a $33bn. iron ore mine-in return
for favourable supply contracts
for,. European, .steelmakers.- ' fT;
Backpage ; i
• OIL IMPORTS to the EEC
fell 15 per cent last year.
• FORD L . MOTOR offered
American workers a share of
future protfis . in exchange for
concessions in. a ^3-month pay
contrapi. Back Page " ’• .
• WATER and sewage workers
rejected a national 9.1 per cent
pay offer. Page 4 ' .
• IBM reported: a.- 12 per cent
drop in .fourth quarter net
profits to $L0Sbu (£577m).
C^ge J9 -
• UNITED BISCUITS is buying
Joseph Terry and ■ Sons,- . the
chocolate maker, from Colgate-
Pgbnolive: , for £24^m. Back
Page '•
LAURENCE SGOTT, the loss-
making. rotating motors, cqm-
Petrol prices have fallen by 4p pany acquired by Minin g
Page 16
Bank blast • HENRY WIGFALL and Son
Six 'NatWest Bank employees the television sales and rental
were hurt, two critically., after . bosses .»/
an explosion -caused by ’a . S&s £1.8m.- Is - the half . yeai
leak : 'Ug rfam : 1 ' Norihnmber- October. 10, compared
leak at Hesman. profits Page.l^;
ji U- 1 '
CHIEF PRICE. CHANGES YESTERDAY
(Prices in pence iuil^s Qtherwise indicated) . ’
. '■ KIS^ - '• Tumer and Newall 97 + 4
Treas 3pc ; 1986 mi f l -JJg* + S '
Treas mpc '1988.ASH ■+ \ Vosper Jlf .t.i 0
Anelift- TV \ 115 + 7 • Garless Capel lbT +.7
^ amieals... 48 + | Gas & Oil Acreage 420. + 20
Blue Circle .. ... 512 + 6 De Beers Dfd 347 + 10
British Home Stores 133 + 7 J“P^ la P^ num -
Cable and .Wireless; 224 + 8 Meekatharra w +
Chloride * 30 + - watts
Clay ton 64 + JO
Common “ Brothera 260 + 10 : Dewfaurst A --"■■■
Ctystalate S3 + 4 ■ D>»M PhoWgrphc | ,
Da& Malf : A ...:r.'380 + 25 M«tin /R- |
Firth (G; M.)' ...... 208 + 8- . Racal Electronics^. - b_
guS 45S +.S : .Itand » BcoUni «» ~ »
Habitat .............. 113 + 8 - . . Wlgfail W ^ 20
HK and ShanghaL^ 139 + 5 Gld Mns- KalgoorUe 320 ^ 20
ICI 316: +-S ..Kitchener SO 10
Lyie Shipping 315 + 12 . Poseidon - ^ S
Manson . Y&ance .. ; 58 +V4 Reulson . . j ».»— 1
BY JOHN MOORE .
HEKON- CORPORATION, ..a
diversified private group, con-
trolled by Mr Gerald Ronson,
has made a £42-5m offer for
Associated Co mu ni cations Cor-
poration, the entertainments
empire built: -by Lord Grade: It
has .been .turned down' by Mr
Robert Holmes k ' Court, the
Australian entrepreneur who
became chairman in a board-
room upheaval this week.*
The surprise move came as
control of ACC is set to pass to
Mr Holmes k Court following a
bid by the Australian’s Bell
Group and Lord Grade’s resig-
nation as chief executive.
It emerged yesterday that Mr
Ronson made an approach to
ACC last Monday as discussions
with Mr Holmes A Court were
in progress.' These talks led to
Mr Holmes a Court's smaller
£36m bid being made for the
company. Late on Wednesday
Mr Ronson was invited to dis-
cussions, with the board of ACC.
. Proposals' were ‘put to ACC
during those discussions .under
Which Heron would make offers -
to. acquire the whole of the
satisfactory outcome, of an In-
vestigation into the affairs of
the ACC.
. Heron said its investigations
would be ' completed within
seven days of access being given
to the relevant information.
Last night the ACC board said
that after having given “most
serious consideration to the pro-
posals of Heron Corporation, we
conclude that the acceptance of
a firm offer from . the Bell
Group ” would be in the best
intrests of shareholders of ACC.
Damaging uncertainty should
not be prolonged through
further examinations of pro-
posals made by Heron.”
ACC added that Heron’s pro-
posals were subject to con-
ditions “which the board had
cause to believe were unlikely
to be capable of satisfaction.”
ACC has accepted the Bell offer
and it wil ladvise shareholders
that it considers it to be fair
and reasonable.
Heron, which has largely been
built up by Mr Ronson. a
millionaire at 26, -countered last
night that it- was still “seriously
interested in- pursuing the
company Tor = £42.5m in cash. . matter and. in conunction with
This would be subject to cer- its advisers, Barclays Merchant
tain conditions, including the Bank, is actively considering the
position -.and in.pai^icuiar. the
im pica tons ' of transactons
entered into (in the Bell deal).?
Meanwhile, Mr Jack Gill, the
group’s - . former managing
director, has sued five ACC
directors — Lord Grade, Mr
Louis Benjamin, Mr Norman
Collins. Mr L. S. Michael, Sir
Leo Pliatzky — and Mr Holmes
a Court in an effort to ensure
that his record £560,000 com-
pensation payment would # be
made.
His action against the ACC
directors has be?n started in
the form of injunctions to stop
them transferring their shares
in ACC or “voting them in
accordance with the directions
of any other person.”
. The action against Mr Holmes
a Court is to stop bim register-
ing any shares in ACC which he
acquires from the five execu-
tives.
The five signed an undertak-
. ing to pledge their voting
shares, representing 45.3 per
cent in total, to support pay-
ment of the compensation.
•’ TKe_ writ, issued yesterday
afternoon, requests the court
to order that the five men, or
Continued on Back Page
Inflation rate stops rising
BY MAX WILKINSON, ECONOMICS CORRESPONOH4T
THE ANNUAL- inflation rale
stopped rising in December
after its slow but steady in-
crease from a low of about 11
per cent last summer.
Official figures yesterday
showed that the annual rate of
increase in prices for Decem-
ber was 12 per cent, the same
as in November;
The Government hopes the in-
flation rate has reached its peak,
foilwing a four-month rise
which resulted partly from the
fall in value of sterling earlier
last year and- partly from . the.
jump iu interest rates in, the
autumn.
The Treasury predicts that
the inflation rate will fall slowly
this year to an annual rate of
about 10 per cent by Christmas.
The tax and pried index,
which measures the increase in
gross taxable income winch
people would need to compen-
sate them for Price rises, was
15.6 pm- cent higher in Decem-
ber feat a year earlier.
Against this, the latest figures,
for October, stow that average
earnings have increased at an
annual rate of only about 12
ICTBtteCMEWPWWOUStt MOUTHS
ieZh
PRICES and TAXES
■ Tax & Price
/4^-
Vi
j f Ha
1981
per. cent. This, indicates that
there has been a substantial re-
duction in the real value of take-
home pay, and the Treasury ex-
pects tiie squeeze on disposable
income to continue this year.
. The retail • prices index for
December stood at 308.8 (Jan
1974=100), an increase of 0.6
per cent on the November
figure.
About a third of this increase
reflected rises in food prices, a
third was the rise in mortgage
interest payments, and the
remaining third reflected a
number of items, including
higher payments for television
licences and increases in gas
prices and rail fares.
There were, however, some
reductions in prices of manu-
factured goods and cuts in the
price of petrol.
The December tax and price
index w4s 161.2 (January 1978—
100) an increase of 0.7 per
cent compared with the pre-
vious month’s figure.
.. ‘ The- prospect of' a - moderating
rate of inflation in the early
part of this year seems quite
good.
There are relatively few
price increases in the pipeline.
The underlying rate of increase
of wages and salaries has been
steady for some months. The
prices - ■ of industry's raw
materials eased significantly in
November and productivity has
unproved steadily in the past
year.
The annual inflation rate in
Britain is near the average for
the EEC, 11.8 per cent in
November.
Murray backs
Aslef in dispute
BY PHILIP BASSETT, LABOUR STAFF
THE TUC last night stepped
into The sensitive and
increasiogly-bitter train drivers’
dispute, with an extraordinary
declaration of complete support
for Aslef and laying the blame
for the strikes entirely with
British Rati.
The TUC move came on the
same day as Sir Geoffrey Howe,
Chancellor of the Exchequer,
gave his full backing to the BR
Board’s handling of the dispute
and made it dear that Aslefs
action was jeopardising BR’s
chances of getting the money it
wants for investment.
The intervention of the TUC
seems certain to be rejected by
BR and effectively will rule out
the possibility of the TUC
Miners in traditionally
moderate coalfields are
thought to have voted
decisively against the
National Union of Mine-
workers* call for strike action
if necessary' to secure a
higher wage offer. As the two-
day pithead ballot ended last
night the National Coal
Board believed the union
would Tail to achieve the 55
per cent majority needed for
a national strike. Page 4
playing a part In moves to
resolve the dispute.
Normally, the TUC is careful
not to take sides in such dis-
putes hut Mr Len Murray. TUC
general secretary, took what
even he described as the “ex-
ceptional step” of issuing a
statement in support of ASLEF.
It followed a meeting he
chaired with Mr Ray Buckton,
ASLEF. genera! secretary, and
the NUR.
Mr Murray said BR should
settle the dispute by honouring
its signed agreement to pay its
drivers the 3 per cent balance
of this year’s II per cent, two-
part pay increase. BR is re-
fusing to do so until Aslef
agrees to crucial productivity
issues on more flexible work
rostering.
The TUC leader said: “ There
is no doubt whatsoever in my
mind, or on the part of the
railway unions, that the pay
agreement was separate and
distinct from the understanding
reached between the parties on
the progressing of the produc-
tivity negotiations. So the
British Railways Board is at
fault, both In failing to pay
the balance of the pay award
and in failing to use the estab-
lished machinery to find
acceptible methods of improv-
ing productivity.”
He claimed that both Aslef
and the NUR had said that
once the 3 per cent was paid,
“ no matter is in principal
ruled out of discussion ” on pro-
ductivity, though equally
neither side should accept
abandonment of existing agree-
ments.”
Mr Murray went on: “What
is needed now is a speedy and
positive response by BR which
has always — and rightly —
emphasised the importance of
resolving disputes through the
established machinery, not
through trials of strength.” -
Asked whether- his forthright
statement meant an end of fur-
ther TUC efforts to resolve the
dispute, Mr Murray said: “There
comes a time in any dispute
when you have to consider the
means by which you can best
resolve it. The view that I’ve
reached is that the best help I
can give is by issuing this state-
ment.”
Mr Murray intervened after
the BR Board repeated firmly
its refusal to pay the 3 per cent
without an agreement from
Aslef on flexible rostering.
Sir Peter Parker, BR chair-
mam said after the board meet-
ing that the union’s position
was “quite indefensible-" Sus-
pension of strikers was consid-
ered, but no action was taken.
_ However, a special board
meeting has been arranged for
Tuesday, J>y which time Aself
may have madea decision on
further industrial action beyond
its two-day strike next week and
the series of Sunday strikes,
starting tomorrow.
The Board said in a state-
ment: “BR is losing freight and
passenger business and the
longer the dispute continues
the deeper the harm to the
board’s finances and the more
critical the extent of opera-
tional difficulties.”
Continued on Back Page
£ in New York
Jan. 14 .
previous
Spot SI. 8655- 6650 S 1.B575-8595
1 month 0.25 -nQ_ 22 ois 0.51-0.26 dlB
3 month* 0.46-0.41 dis 0.60.0.55 d(&
12 months.0.55-0.45 d!> 0.75-0.65 di»
Odds are
against
space crash
By David Fishiock. Science Editor
THE CHANCE of a collision
between spacecraft is about
one in every 60 years, at the .
present density of traffic
orbiting iu space.
This has been calculated by
two Czech scientists from the
astronomical institute of the
Czechoslovak Academy of
Sciences, using U.S. National
Aeronautics and Space Ad-
ministration (Naso) data on
space traffic density.
They conclude that if tbe
traffic density remains fairly
steady— as it has done for
some years — “ inner space *
is relatively safe from traffic
accidents.
Their calculations are pub-
lished in Nature this week by
a British scientist. Dr David
Hughes, of the University of
Sheffield.
The calculations have impli-
cations for defence, for one
consequence of a collision
involving a military satellite
could be the assumption that
it had been deliberately
attacked by an enemy “killer”
satellite.
According to Nasa statistics,
the number of trackahle
orbiting bodies in space was
increasing rapidly until the
late 1970s. latterly by about
400 a year.
But it has levelled off since
1973. remaining more or Jess
constant at about 4,500.
This is because new
launches have remained
steady at about 120 a year,
while enhanced solar activity
has helped to clear space of
man-made debris.
The extra energy from the
snn causes more air to find
its way' into the region beyond
the earth’s atmosphere, 500-
1.000 km high, where most
satellites arc orbiting.
The air increases the drag
on space debris which,
because its orbit is not being
corrected, spirals earthwards
to burn up in the denser
layers of the atmosphere.
The testing of “ killer ”
satellites, used to destroy
other satellites, which also
.produces a lot of space
debris, has slackened in
recent years.
Nevertheless, in addition to
objects big enough to be
tracked by radar, there arc
probably twice as many
objects in space too small or
too distant to be tracked.
CONTENTS
AppointmwTts
Aits
Books tags
Brfdgo
Ctm
1 CoU acting
Company News ...
Crossword
Economic Diary ...
Entertain. Guide...
Rh. and Family...
20
FT Actuarial
22
Overseas News ...
2
12
Gardenias
9
Property
S
13
S
How to' Spend It
11
Shan Information 24. 25
9
Int. Co. Nows
19
SE Week's Deals
17
13
Leader .•
1«
Stock Markets
19
Letters
14
London
22
16.17
Lax
26
Wall Street
18
12
London Opts. ...
17
Bourses
IB
15
Men in the News
26
Travel
7
12
Mining
5
TV and Bndk> „„ M
12
T7
Money & Exchnga.
21
UK News
6
Motoring
9
General
X*
Labour 4
Unit Trusts 21. 23
Waitttr ; 26
Your Savinss/lnv. 6
Week In the Mkts 5
Baso LuxYg Rates-. 17
Build. See. Rates 4
Local Authy Bds- 20
ANNUAL STATEMENTS
CJavvtVUSa Uitr. 17
OFFERS FOR SALE
HK 1
For. latest Share Index phone 01-246 8026
Are you being
about high income
The HK Extra Income Irust
currently offers a yield of 1L0% p.a.*
But nowadays it’s not enough
simply to invest for income alone.
You need skilled and sophisticated
management to prevent the erosion
of the value of your income-ea rn ing
capital.
We believe this Trust offers outstanding
prospects for growth over the months ahead. ■
Many of its shareholdings are currently under-
valued and are thus likely to rise foster
than foe market average when interest
rates foil and the -economy emerges
from recession. Others are take-over
candidates. Moreover, gold -mining
shares are included both for high,
current income and for capital growth
■which will come with the recovery in
the price of gold which we expect in 1982.
And above-average income is achieved by
the Trusts holding of preference shares.
Behind these management policies lies a wealth of investment experience and expertise.
As members ofThe Hongkong and Shanghai Banking Corporation we are part of a Group with,
more than 800 offices in 53 countries and funds under management of over £3,000 million.
So, to invest in a trust which, takes a for righted view of your income and your capital, complete
and return the coupon with your remittance.
-For Yoar guidance, the offer pike of asks on 14th January was 30.6p/gvlng an mtnnatrd Jcoss yield of 1LQ5& p.a.
BescmbeT that the price of uuhs and the tncome &om them can go down as well as up.
General i nformation AS the "GusTs cash andamsuncnls op: beki on behalf of unithoWcts by ns independent Trustee. Bant of
Scotland. Th$ Trust is AmKoirad ty the Department ofTrade and is a Wider Ranijc security Applications will be acknowledged and
certificates normally sent wilhtn ax weeks You can sdlbadr your units at the bid price rubng on receipt of your insmitfon:. by telephone
or letter. Prices and yields are quoted m the national press. An initial service charge of V» is included in the offer price of units, out of which
the Managers pay com m i s sion to authorised agents. An annual management charge of (+VKP of the value of the fund is oeciuctcd from
the Trusts gross income f the Managers are pcmvttcd to increase this annual charge to lli on giving 3 months notice to unitholders). Income
net of basic rate tax is distributed on 31st March and 30th September.
Managers^ HK Unit Thrsi Manages lid, 3 Frederick's Race, London EC2R BHD. Telephone 01-588 411L Tins offer is irM
Bvafebfe to residents of the Republic of Ireland.
HK EXTRA INCOMETRUST
| TO: HK Unit Trust Managers Ltd..
3 Frederick’s Place. London BC2R 8HD
( Register ed Office) Registered No. 1206945
l/Wfe wish to invest (minimum £500) £
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f
OVERSEAS NEWS
in U.S.
continues
to moderate
By Anatole Kaletsky in
Washington
Inflation is continuing lo
moderate in the U.S., but
industry is sliding deeper into
recession, according to official
figures on wholesale prices
and industrial production
released yesterday.
Wholesale prices increased
by only 0.3 per cent in Decem-
ber. keeping the overall rise
last year down to 7 per cent,
the smallest annual increase
for four years.
December's wholesale infla-
tion figure maintained the
downward trend or the past
few months, coming after in-
creases of 0.6 per cent in
October and 0.5 per cent in
November.
Industrial production, how-
ever, fell by 2.1 per cent last
month, suggesting that the
economy's slide into recession
may still be accelerating.
In the previous two months,
industrial production fell by
1.9 per cent and 1.6 per cent
respectively. Within the over-
all production figures there
was still no dca rsign of
recovery by individual sectors
which normally lead the eco-
nomy out of a recession. The
only category’ showing an in-
crease was space and defence
equipment, which rose by 0.5
per cent in December.
The Administration remains
. optimistic about economic
prospects for the earning year.
Mr Murray Weidenbaum,
chairman of the council of
economic advisers, predicted
on Thursday that, “ a year
from today, the American eco-
nomy will be enjoying both
more prosperity and less
inflation."
He suggested that retail
price inflation would drop to
an average of between 7 per
cent and 8 per cent this year.
Although real growth may
be “ no more than 1 per cent
or less " during the year, the
second half of 1982 would see
a sharp recovery, at an annual
rate of about 5 per cent.
Pentagon seeks
to double funds
for poison gas
By Our Washington
Correspondent
THE PENTAGON is seeking
to doable its budget for
chemical and biological
weapons in order to prepare
for the production of “binary'’
nerve gas, according to
Administration and Con-
gressional officials quoted In
the New York Times.
The Administration has
allegedly decided to provide
about 5810m (£435m) for
chemical and biological
weapons in the 1983 budget
and tentatively allocated
$1.4bn for this purpose for
1984. The current budget for
these weapons is $455m,
which is already a big in-
crease in relation to spending
in earlier years. Spending on
chemical weapons between
1978 and 1981 was between
8100m and SI 50m annually.
Official statements from the
Pentagon deny that there are
any plans to manufacture
nerve gas for battlefield use,
but acknowledge that there
are plans for Increased spend-
ing on research and develop-
ment
The Reagan Administration
has repeatedly claimed that
the Soviet Union has used
chemical weapons, that there
is evidence of Soviet use of
chemical weapons such as
“yellow rain" In Afghanistan
and that there have been
indications of chemical
weapons used in Kampuchea.
The Pentagon has argued
for some time that the U.S.
needed to spend more on
chemical weapons in view of
the alleged growth of Soviet
capacity.
In March Congress
approved a request, initiated
by the> Carter Administration,
for $20m to equip a nerve gas
production plant at Pine
Bluff. Arkansas. However,
neither the President nor
Congress have yet committed
themselves to the idea of
actual production. The plant
is due to be completed in mid-
1983.
According to unnamed
Pentagon officials, suppliers
of the chemicals required to
produce nerve gases have
been asked to indicate
whether they would be
capable of supplying the
chemicals required. -But ten-
ders for supply have not been
requested.
Both the U.S. and the
USSR have signed the 1925
treaty that prohibits the use
of chemical weapons. How-
ever. possession of chemical
agents Is permitted.
Air Florida
In yesterday's editions of the
Financial Times we incor-
rectly reported that proposed
design improvements in
McDonnell Douglas DC-10 air-
craft followed a ** crash" in-
volving an Air Florida DC-10
last September. There was in
fact no crash but an incident
involving the failure of an
engine in an Air Florida
DC-10 before the aircraft took
off from Miami airport. No
one was Injured.'
V
Gandhi drops defence portfolio in reshuffle
BY K. X. SHARMA IN NEW DELHI
MRS INDIRA GANDHI, Prime folio with - remarkable success to be to show that the Prime
Minister of India, yesterday at a difficult time for the Indian Minister is taking decisive
dropped the key defence port- economy. action to improve the condition
folio she has held since return- Apart from reducing inflation ' " of people and is thought by
to single figures last year, Mr ®ost observers to be populist
ing to office two years ago. The
post has. been given to Mr R.
Venkataraman, who has been
Finance Minister.
The main surprise in the first
Cabinet changes of Mrs Gandhi's
present term is the shifting of
Mr Pranab Mukherjeo to the
Finance Ministry from the
Commerce Ministry. He will
be responsible for framing the
next budget, to be announced
on February 27.
Although defence is a senior
appointment, Mr Venkataraman
was widely thought to have
handled the vital finance port-
Venkataraman handled the
delicate negotiations o« the
recent three - year $5.8bn
<£3.1bn) loan given to India by
the International Monetary
Fund. He also instigated over-
due changes in India’s complex,
taxation structure.
There is no suggestion of any
major shift in India's economic
in content.
Since Mr P. V. ' Narasimha
Rao and Mr Zail Singh retain
their posts as Foreign and Home
Ministers, there is clearly no
intention to change foreign
policy or the approach to such
major domestic problems as t>v
and order, -insurrection in the
country's north-east or the issue
decisions, such as the purchase
of the Mirage 2000 from France
and later models of the MiGs
'-from Russia, still have to be
taken. ' One reason why Mrs
Gandhi has chosen Mr Venkat-
araman as Defence Minister is
his proven hones ty and efficiency
in the Finance Ministry.
Other Cabinet changes
include the appointment of one
new • Minister. Mr Jagannath
KaushaL who takes over the
Law Ministry. Three Cabinet
Ministers— those of Petroleum,
policies as a result of the of the Harijans (Untouchables).'’ Railways and Irrigation — have
cabinet changes, although they
come just a day after Mrs
Gandhi announced a 20npomt
economic programme. The
object of this programme seems
One of the main reasons for
the changes -is that Mrs Gandhi
wants to be free to oversee the
workings of the Government
A number of key defence
had their portfolios changed.
Mrs Gandhi -has appointed a
number of junior ministers and
dropped three from her
Government
Mr Venkataraman: success as
Finance Minister
Polish army supports party purge
BY OUR FOREIGN STAFF
THE POLISH ARMY yesterday
threw its weight behind the
Soviet-backed call for a
thorough purge of the Polish
Communist party, and hinted
that martial law would not he
effectively lifted until such a
-purge was carried out
At the same time, Warsaw
Radio announced that the first
session of the Polish Sejm (Par-
liament) since the military
crackdown would start on
January 25, five days later-than
earlier announced. The Parlia-
ment is expected to pass emer-
gency legislation incorporating
the key martial law restrictions,
such as the ban on trade unions
while allowing the army to
return to barracks. But a church official told Meanwhile, Professor Zdzislaw
Calli n g for a “commissar- Reuters news agency yesterday Sadowstd, a deputy Economic
■like” purge of the party, gov- that the military appeared to be Mini ster, said yesterday that a
eminent, media and educational
establishments, Zolnierz Wol-
nosci, the army’s daily news-
paper, stated yesterday that
“the period of martial law
creates ideal conditions for the
Introduction of real, effective,
and not apparent verification of
staff” in all areas of the coun-
try. “Verification” has become
the military authorities’ code-
word for the purges, which hive
already started.
- No official reason was given
for the postponement of the par-
liamentary session, at which
General Wojciech Jaruzelski is
expected to outline his plans.
unsure of what to do next add-
ing that they “ don’t even know
when they are going to lift
martial law.”
"When the Parliamentary
debate eventually starts, little
opposition to the ruling Military
Council’s plan is expected.
Prior to saartial law, the smaller
parliamentary groups — the
democratic and peasant parties
— had begun to show some in-
dependence from the Com-
munist Party and the Govern-
ment; but the military crack-
down seems to have quashed
this.
final decision mi big price rises
had cot yet been made. The
authorities have said they envis-
age rises of 200-400 per cent
in the prices of food, consumer
goods and services, with only
partial subsidies retained for a
few essentials like milk. Big
price rises have proved poli-
tically explosive in the past.
• Poland’s military Government
has asked the EEC for 10,000
tonnes of cheap butter to help
ease worsening shortages. EEC
officials are considering the
request but no decision
yet been taken.
has
Weinberger
plan to make
Poles default
E. Germans provide
Warsaw aid prop
Doubt on
pipeline
finance
BY LESLIE COUTT IN BERLIN
By Our Washington
Correspondent
A PLAN to force Poland into
formal default on its borrow-
ings if European countries
refused to back the U.S. in its
economic sanctions against
Poland and the Soviet Union
was put forward earlier this
month by Mr Casper Wein-
berger, the Defence Secretary,
and Mrs Jeane Kirkpatrick, the
Ambassador to the UN.
But the plan was blocked by
President Reagan’s other
EAST BERLIN is being called
on to provide massive economic
assistance to Warsaw- as the
price for Poland's political
“ normalisation."
East European trade officials
say East Germany will have to
provide more than EM lbn
(£23 3m) in goods and hard cur-
rency this year to help stem
the rapid decline of the Polish
economy. Further aid will be
required in coming years.
The heavy bill being pre-
sented- to East Germany by
• One East European said the
East Germans might simply
have to write off much of their
aid as a “ fraternal gift"
East Germany receives about
DM lbn a year in hard currency
from West German as payment
for transit fees and other ser-
vices.
East European officials say
Moscow will call on East Ger-
many to “loan" a portion of
this hard currency income to
Poland. In. addition, the Soviet'
Union is encouraging East
advisers, led by the State Moscow explains why its Com- ■ Germany to conclude more
Department and the Treasury,
according to leaks emerging
from the State Department
Mr Weinberger’s view was
that European governments
and businesses would have a
great deal to lose from a Polish
default, because this could lead
to defaults by other- Eastern
block countries and would
undermine the creditworthiness
of the Soviet Union, making
trade with Eastern Europe
much more difficult • '
However, the State Depart-
ment argued that a default pro-
voked in this way would
threaten the Nato alliance
agreements with West Germany
—such as building a branch of
the Soviet natural gas pipeline
to West Berlin.- This will
MEMBERS OF the West
German h anking consortium
financing . the natural gas
pipeline from Siberia to
Europe are dne to meet next
Tuesday to discuss a Soviet
request for an additional
DM 300m (£69m) credit for
the project. Stewart Fleming
writes from Frankfort. The
consortium may turn down
the Russian request because
some members do not approve
of changing the agreement
which has already been fixed.
, It is suggested that the con-
sortium can proceed with the
DM 2.5hn financing of the
pipeline as originally planned,
assuming that that the pro-
ject does not flounder
munist leaders have been
relieved but have not rejoiced
over the military regime in
Poland. . #
The large aid programme is generate hard currency for East Critical Kissillffer
expected to make East Ger- Germany, part of which can 6
many’s planned growth rate of
4.8 per cent this year extremely
difficult to attain.
East Germany does not
expect to be paid back for its
aid until well after 1935, as
Poland will concentrate on
exporting its coal, copper,
sulphur and silver to the West
to earn desperately needed
hard currency for financing
imports and paying off debts.
then be funnelled to Poland.
A large part of the East
German aid will be chemicals
for Polish industry. East Ger-
many’s chemical industry
Minister has returned from
talks in Warsaw with Polish
economics officials who pre-
sented lists of basic and special
chemicals needed to produce
everything from washing
powder to high yield fertilisers.
FORMER U.S. Secretary of
State Dr Henry Kissinger,
criticising the Reagan
Admbtistration’s . Poland
policy, said yesterday he
would have suspended all
high-level talks with the
Soviet Union until martial
law was ended and Soli-
darity union leaders were
released, AP reports from
Washington.
Unesco to
discuss
press vote
By William Cfmlett
in Mexico City '
Longer military service to
counter S. Africa guerrillas
BY BERNARD SIMON IN JOHANNESBURG
MILITARY SERVICE in South
Africa is to be extended later
this year to meet the growing
threat from black nationalist
guerrillas inside the country,
according to the Chief of the
Defence Force, General
Constand Viljoen.
Gen VHjoen said in an inter-
view that “we must be able
to call on sufficient manpower
so that no area of South Africa
will be vulnerable to' attack.”
Guerrilla attacks on police
stations, railway lines, power
supply facilities and Govern-
ment offices have increased
markedly in the past year.
School leavers are at present
conscripted for two years
followed by 240 days of non-
continuous duty spread over an
eight year period.
Details of the new call-up
system will not be released
before the defence budget vote
is discussed in Parthunent
during April. It appears how-
ever, that the period of service
after the initial two-year spell
of duty will be significantly
extended.
According to one report, the
role of women and coloureds
in South Africa’s defence effort
is also to be increased.
Military forces have up to
now been concentrated in
northern Namibia where South
Africa is fighting a low-intensity
war against Swapo guerrillas.
Defence chiefs are clearly con-
cerned that attacks in South
Africa itself have not been con-
fined to any particular area,
and that the defence forces will
thus also have to be widely
spread.
Gen Viljoen said that “ people
living in an area must be
organised to defend themselves.
Haig predicts new talks
to solve autonomy issue
BY OUR TEL AVIV CORRESPONDENT
THE MIDDLE EAST mission of
U.S. Secretary of State Alexan-
der Haig wound up yesterday
in a flurry of declared resolve
to break the Israeli-Egyptian
i-Vpasse on Palestinian auto-
nomy.
Mr Haig, after two days of
talks with Israeli leaders, spoke
of "a sense of great dedication
and a new sense of urgency.”
The Israeli Foreign Minister.
Mrf Yitzhak Shamir, said at
the same Press conference he
was convinced autonomy nego-
tiations could be revitalised.
But there was no sign that
Mr Haig’s mission had brought
any substantial harmony
between Egypt and Israel over
how much self-rule lo grant tn
Palestinians in the occupied
West Bank and the Gaza Strip.
Asked whether he had any
concessions in mind Mr Shamir
said: “We shall -make a greater
effort to make other parties
accept our positions.”
Mr Haig said be expected to
be back in the Middle East for
more autonomy talks by the end
of January. iHis new sense of
urgency was clearly generated
by the approach of April 26,
when Israel is committed by
peace treaty to hand bank lo
Egypt those remaining areas it
occupies in Sinai.
The new burst oE activity
seemed designed to assuage
Israeli fears
• ISRAEL ended 1981 with
its awesome inflation rate
brought down to just above 100
per cent a distinct improvement
on the -previous year. The Con-
sumer Price Index for Decem-
ber issued yesterday showed an
increase of 5.2 per cent, which
brought the total annual infla-
tion rate to 101.5 per cent com-
pared with 133 per cent in 1980.
THIRTY FIVE rich and poor
countries start a week-long meet-
ing in Acapulco on Monday;
under the auspices of the United
Nations Educational, Scientific
and ' Cultural Organisation
(Unesco). at which the West
will oppose Third World moves
to restrict Press freedom.
Radical Third World coun-
tries, supported by the Soviet
Union, want Unesco to establish
a “ code of conduct " to regulate
the media. They are particularly
sensitive about international
news agencies like Reuter and
United Press International.
Although the West accepts
that developing countries are
disadvantaged in information
and communications technology,
it is determined to avoid giving
governments greater control
over the media..
However, it is prepared to dis-
discuss poor countries needs and
to offer more aid for specific
projects.
For this reason, the Interna-
tional Programme for the
Development of Communication
(IPDC) was set up at the 1980
Belgrade Unesco conference.
The Acapulco meeting will be
the second for the IPDC’s mem-
bers, which -include the Soviet
Union, Cuba, the U.S., France,
Japan end India. .
The West, particularly the
U.S. and UK, is not entirely
happy with Unesco’s proposals
for a “new world information
order,” which suggests that the
Third World should be helped
by increasing state intervention
in the Press. The proposals
tend to concentrate more on the
rights and- responsibilities of
governments than on the rights
of individuals. ,
The U.S. 'has threatened to
pull out of Unesco if an illiberal
information order is approved.
Washington provides 25 per
cent of Unesco’s budget
The West hopes that the
IPDC will' take' the ideological
sting out of what has become a
highly politicised debate and
will allow it to concentrate on
specific measures.
But this will not be easy. The
West is being asked to put its
money where its mouth is at a
time when many governments,
particularly, the U.S., are cutting
non-military foreign assistance.
The Reagan Administration is
also allowing the Voice of
America, the government-run
radio service to put more
emphasis on propaganda, while
at the same time accusing the
Third World of producing too
much propaganda.
A central part of the Acapulco
meeting will be devoted to dis-
cussing how the IPDC will be
financed. Developing countries
want funds dumped’ into a com-
mon pool from which the
governing council of the IPDC
can draw to finance the projects
it approves.
The U.S., which along-with the
UK takes the toughest stance
(Britain is sending an observer
since ft is not' a member of the
IPDC). fears that a common
fund would channel money to
projects like building up
stronger government press
agencies instead of encouraging
an independent / Third World
press.
Financial Times Saturday. January 16 19S2 [ff
- ■
■'*
i
i? 1 .
•# 1
BY ROBERT GRAHAM,- IN MADRID
THE SPANISH Cabinet yester- ted withab :the indiitasry ©slab...*
day approved -the appointments ifshxnenL .- . .1
of the four men to take owe* the \ Hefought as a volunteer wit] i
military high command- in the > the . Francbfet Blue'
wake of Thursday’s 'surprise alonggade the Germans ontir
announcement of the early Russian front and during th-j
retirement of tbte : e x is ti ng later- stages of. tiie-^ctatorshr
commanders. he was associated witii the OprJ
The appointments underline iter, -Say- Catholic organist j
the' Government’s ,aim of eon, ‘ and ."became .Directs
rejuvenating the. . .. military - General of the Treasury in 1951 •
hierarchy in advance.: of the; : Since SeptOmber.fce has bee:. ■
trials of the 32 officers involved captain General of the VH mS .-
in tie ■ abortive coup; tary region, based around V&Ui
February. ■' 7 ; i - dottdL- Bos wife is-a prominep .
The replacements are the first member of the aristocracy, i-
use by the Government of a law,- ne w head of tie Arm ;
passed iast M ay, p ermitting of.Stitf is Gen Samoa d( •
premature retirement. The y Togores, ag<?d 61, whi
compulsory age for retirement r from- Gen Jod
from active, duty was reduced
Gabeiras- A former
f^nfiJtoWfor^emorg^erols,
arrd ^d*nira]s and the Govern- — ■ ■ - — “ •
iiinnMui TrndM- ®o*t recently been in charge c.
iiSiafe msfctary personnel. GenEmar;:
certain circumstances to initiate aged 63, assume-
•premature retirement.
The law ‘at the time was
strongly ~ resisted, as an un-
warranted civilian interference,
by the more conservative, and
hard-line elements in the ; armed
forces. -
The day after the law was pub-
lished, one of . the generals
chiefly responsible for its draft-
ing, Gen Marcdo Araanendi, was
found shot in the head in his
office. A discreet veil was drawn
over the incident and subjected
suicide 'was never pob&dy
mentioned. .
The job of head of the Joint
Chiefs of Staff wall be taken by
Lt Gen Alvaro Cacalie LCloup
from Gen Ignacio Alfaro
ArreguL The choice of Gen
LaeaHe Letoup is a carotid bal-
ance. between the needs for a
loyal constitutional officer, cap-
command -of the ' Air Fare
of Staff . from . .
Emiliano AUg&ro Arregui. i"f -l,-
Gen Garcna-Conde, a faring ‘ _
tutor of . the long, has bad : '
experience of .all-.'a^eciBrc:
wviatioa as weH as ^defeat;
policy and latterly . has -bees s- '
Deputy Air Force Chief of. Stef.
, Assuming control of the Na*;. ,
Chiefs . of Staff is 1 'A dnriri -. /
Sa tarisHto . - Suances v«Je_ J-;--
Hfctaaga, aged 61* Who'
December has. bee® ;
Chief of Navy SfiaC : -
. Although the changes tw*
both the politicians and medi- -'
by surprise, • .-it'?'. yesterday
emerged that the basiedecBia-
was taken on Ztepi^pbar.-lS.---
during a meeting, between th*^- :
King, the Prime MMstar,. tbC- r
Defence Minister andLffie f tax-
able of pressing major moderni- outgoing members of jhe hrilL .
sation, and a person well irespec- tary high command. : "
: -
rsc to
o:
in current account deficit
BY STEWART REM1NG IN FRANKFURT
THE WEST GERMAN current
account deficit for- 1981 Is
expected to be about'DM 223m
(£5.1bn), sharply dpwn from
the- record DM 29ffbn. reported
for 1980.
• Yet; in spite of the rapkfiy
improving current account
position and the more favour-
able inflationary outlook, the
Bundesbank, the West German
central bank, can see no room
for a significant easing of, its
high interest rate monetary
policy in the next few weeks,
according to officials., -
Sudh a stand at this time
seen® likely to ; unloose
criticism of ; Frankfurt* centrid
bankers. .
In the face of record un em-
ployment, which hit ; l*7ni -in
December, . the Bonn Govern-
ment is moving . towards an-
nouncing measures to stimulate
employment and' - investment
Even the smaller of. the two
-coalition parties* the FDP,- -
.which has aH along been resist- :-,
ing silch a' step, vis failing , into
line, given -.tiie tmemployment - -
. tihreatv.’. 1 -. 'jV-.;'.- >cj>, -- "
. As part of a package aimec . .
at' . improving -.the , economic wiE
atmosphere as much .as fightin t
unemployment, £ the . centn&lhCn!
bank had been expected i
Bod®.: to chap. in. with, .at leaf:
Soane, easing of Interest Tates. ;
*’■’ But in the last week, . rising :
TLS. interest raies have hit th -
German metoi^ markets, forcin' - - -
short tenn: interest rates higher
in spite of central bunk opei-i: ' -
market, intervention aimed a'
towering them. Capital market i • : r .
have also been pushed ^up a-:.:- -
maefa -as -half a percentage:
point 5
Top Western trade officials
meet to defuse tensions
3 help f,
W3
BY REGINALD DfALE, U.S. EDITOR IN KEY BISCAYNE^ FLORIDA i m
REPRESENTATIVES, of the Brock said, . .
west's leading trading nations
met here yesterday in a bid to
defnse trade tensions that they
fear could lead to a dangerous -
U.S. officials here say thej; *>■-
expect ther meeting, first- pro
posed at last July's seven-hatioO'- :
Western economic summit
new outbreak of world-wide Ottawa, to be the only one di;
nmtprrinmwi • its.fcind. , HTje aim, in the yiew"^
of . the American hosts, shook "'* 1
be to start -laying the - founda
tions for. the Gatt ministerial
meeting set for ■ November r a-*S tn V
which Washington would like tq L
see- another inajor push towarik.-^^Hjci
trade Ifberalisatioii. : r.'
.. . _____ The Americans say. the meet
problems threatening the world, inghere is not intended tofocm- V-
trading system. < ^ on Japan’s trade poEcfes.?
Mr William Brock, the U.S. although both the U^ and thf- ■ - ■
trade representative, stressed EEC have been strongly' press.* 1 ::'
S Tokyo to -open up- its. marl; • „
”* ketsnr face possibe reprisals. '
/The Europeans, on the OtheT -
hand,, have always seen the it& o i - ,
formal talks as a way of keep 1 i:; 't-
iritz. lln tKa nmsn,-.- _ I-
protectiomsnL
At their informal two-day
gathering in thin pallm-fringed
Florida beach r esort, senior
officials from the U.S., the EEC,
Canada and Japan do not in-
tend -to tackle concrete, -issues.
But they hope at least to reach
a closer understanding .of the
were not in Florida to negotiate,
or to supplant existing multi-
lateral institutions such as the
General Agreement on Tariffs
and Trade. Nor were the tilb
a substitute for bilateral discus- the " :
sions of trade problems, Mr* ministerial meeting!
French Socialists’ public enemy poses by-election cha llenge
BY DAVID WHITE IN PARIS
M Pcyrefitte: warnings of
trade onion stranglehold
THE MOST spectacular casualty
of the Socialist election land-
slide in France six months ago
makes his comeback bid to-
morrow. The second chance
being offered to M Alain
Peyrefitte, the senior Gaullist
and the Left's public enemy No.
1 in the Giscard Administration,
is the big feature of four by-
elections for National Assembly
seats.
The elections, called because
the Constitutional Council over-
ruled the June results, provide
the first ballot-box test since
then of the way the French feel
about their government
A Minister in sLx Cabinets,
under - three Presidents, M
Peyrefitte was lipped out in
June by 183 votes. He had won
the seat — a large constituency
south-east of Paris, in the
medieval city of Provins, where
he is mayor— -in 1958, an dbeen
re-elected there five times run-
ning. He was beaten by an
obscure, squarely built local
physical education teacher. M
Marc Fromion, flying Socialist
colours.
A 1 stake In Sunday’s first-
round ballots — of which two
are in Paris and the fourth not
far away in the Marne region,
are the seats of two Socialists,
one close ally, and a Gaullist
general. At most, the centre-
right opposition could increase
its seats to 143 in a 491-member
Assembly: at worst, drop back
to 139. But for M Peyrefitte
they could provide a “ warning
signal.”
They are straight fights.
Gaullists and Giscardians hav-
ing agreed not to stand against
each other, and the Communist
Party having opted to field no
candidates. Previns Is the most
interesting of the contests, not
just because of M Peyrefitle.
but because the seat has long
been thought of as one of the
hun must fee the masters in oirr own
it was a true "microcosm” of had. offered it to
France — 50 miles from Paris twice. Caught between the bourse."
but seeming 500 miles away. President and the Gaullist nation ”
with the “ castes and clans ” of leader M. Jacques Chirac teado ottfloii
lb= provinces, “plus, on Sun- made it incnSmgly iSdTo? SbSSSI'a,
Gauliists an tflie Government, toe When 35 cneasers.
plus, on Sun-
days. just the right admixture
oF Parisians.” The electors in-
clude workers,. well-off farmers,
and civil servants. Ode in
seven is a “ secondary resident ”
.. M Peyrefitte gaily: diaflissesf
as “tourists” ; the Gto-ranuhehf
and. party leaders -who have,
flocked in to support the Sodaw
where for four years fee fJSrd moor ou
mse&ss.. SS3S3S*
_ _ easy prey. _
— a category that includes both f 0r cartoonarts, with bis out- tmunmur { p ® ! f^ a ^.'too,fee wantS:tokeep4
the county home., of the '“™? *?*■' _^d .. the.i&a hS£Ti
me tuuiiuy nomes oi tne ana as tne idea is imzrianteri we,flew Ofp j..
wealthy and those who fancy nose and seems to have a the*ood ^
coarse fishing. f °I nda S ®“*urfies. are somehow feeum steeled but , “^icb ^ajay, fee.- b€^ /■! f ,r. !
It equally includes M Peyre- ffor ins P® cti '»a toy^an^teridi^s il ^ vae ?* ' taie a ttonpie; of^yrears.'' «l; ; :
• - - student riots, until he resigned. n^--’ .
fitte. the son of southern cshool-
teachers who retired here. A
product of two elite training-
grounds. the academic Ecole
Normale Superieure and the
Ecole Nationale d’ Administra-
tion, he has spent his whole
career in government service,
with breaks for writing.
■Although an experienced
diplomat, the one post fie never
resigned,
fee was Minister of Education.
secret service.
The noboldJn" of *h« \ °titer candidates Mittezy&nd, ie sass. never -barf'
death threaten to eat into tots score— e&bjed; &r jtoa jwhaie'' 1 Socialist
^wt-wing Ga^lisif’' whose Progranune.'fie takes xro a Jlite^U* h-.
penaJty and tougher penal laws
may be anathema to the Socia- wnose- uepwj® a4ti«.'
iiste - tuft tKrt SSEZSfiL?* C(mrested ^ :<m e of fare r
. : _ j-. «■ i _ * National Frotrtsnan vAa’miiU - -cohimenflfeat- ■
Kv
homes, baJs and faces ^ e >sne ^
Government's
M Peyrefitte is not afraid of Noge^f
? a Yin^i at trp a nS r:itcly m ^ rrore ^ was Foreign Minister. In playing .on the wmniEration could — ’r-”'”
M^vrSfinl nnr 0 mn( ^ “I bet ^ c ®P electioneering issue. ’He attacks the proposal absolutfc
M Peyrefitte once wrote that stops, toe said President Giscaid of immigrant voting
. ' .. --
^
m
f
aK ~ Saturday January 16 1982
m
In
r*se
AtmpMi
■4.
.n 6
:r-^ --?v . tSi -.- - -
ndtfit • |
iLoodoa-
Ti^e ..by
per cent in
£ y«- ' ■
iys, and Air
6 o itj> today,
by British Air-
Amerfcaa w2I'
y„- subject to
fey -tfoft Civil. Aviation
user, and; Bw&sfc' Air-
scpnsany single faire will
s flym£ ll9jto £237, wito
c smother economy rate
Egom £W7j to £169 stooge.
. ■B rini sh " Airways Super
* return •faS'ewiH rise from
»w;£2K,'. ami its Standby
rsOTefroan £95 to £109. . >
V. <$re iucreasesott 'other North
i - ,.-"’ J ABntU^npates are dlkely in the
>P „ ov -r '4^v -; net fevTr&e&s. hot a ' decision
•• A C - ijnqt.- ; . ejected until... toe
-j? ■. • ^riedyled' :-Norffii Atlantic ear -'
J ;" r ° : rsti- - 1 lips complete- a Tares con-
• .*■**#..
-* jf <. A-
_ - . 4^.^ " fc*
fy J.’ - 5
' '-Ti
f £ence «!hSch began in Florida
^ieduied eirlin^ ! are losing
i to $05Om.f^7m)jft year mi
o2>s *
OUT- 400 ‘ meat' processing
oricers face toe v toreat of re-
dancy iurfeir streamSDning
dmimiiiceti by FMO
'Mte began\ yesterday .wito
, - ! muons <ra toe fdans, which are
the company’s response to soar-
’ he costs and dwindling returns.
. FafiG-Harris said inost of the 400
jobs affected, at its factories in
iir-ruc"’^ ;• '.'Cable, Walts and Ipswich, would
••v; ; .. •• vSemTin redundancy. .
;=f‘ ■
■ -"‘a
creastngly dn producing branded
'add. owi-flabe! products for bulk
- d^tvery to retailers. .throng
- : specialist discttrRintion. systems.
Shelvoke to axe .
shdrnfd another 95
SHELVOKE AND DREWRY,
_ t> . , l; thev jLetcbworth . municipal
riiinf nflR^’yehicle maker which - recently
w u 411 UCii_' , ' 7 eIaimed that pending cuts by
p ig • ^iocal authorities were, precipi-
“ ' fj- tating a crisis in its industry,
is to shed a further. 95 jobs.-
The cuts mean that Shelvoke’s
workforce has. been reduced
roughly by half to about 500 in
the two years. Some 5& man-
agerial, technical and clerical '
workers are to ga along with 45
shopflddr.stftff. ..... .
Fanoers’ wmter :
of discontent T ,7;
MANY FARMERS - face heavy
bills for ’repairs to hedges and
fences damaged by snowploughs
this winter,' the" Country Land-
owners’ Association claimed. It
- : - isv ^(tjelieves local authorities should
: -- ll v4^ccept responsibility, for- the
i -^- ; damage. But Mr Ceorge Willi am-
• r - ,"son. the CLA’s legal , adviser,
7 skid: ** Many have refused to pay
. .. ■■■: compensation uniess-fanners
^ can . prove that snowplough
drivers have been negligent.”
Grant fadTp for
children’s watchdog
A GRANT of £450.000 is being-
made' by the Government over
three years ; to the- National
Society for the. Prevention of,
Cruelty to <Xiildren to. help it
over its- financial problems.
Mr Norman :Fowler, Social
Services Secretary said, yester-
_ .- - day: ‘tThe.ptrblic bas responded
:r .‘magnificently to ' tiie Society’s
v appeals for greater, support For
our part- .the eoinmitment We
'1 are making, demonstrates our
fion aipport. for the Society’s
: • .woric., . • ' *
7'r 7. Tributes to Sir
. 7 7 John PexmyCTuck
-TRIBUTES were pmd in the
High Court yesterday to Sir
.John . ‘Eeniiycuick, Vice-
■ -Chancellor .of the Chancery
:,v:
modernisation
BY BRIDGET BtOOM, DEFEMCE CORfi ESPOUDENT ;
component The statement made a point
deSSS? s.^eppdent nuclear . of emphasistog that it bad been
«ct«Tent, is to be modernised . known for some time that the
7 .?. 0051 o* “several hundred - Solaris rocket motors would
Hmiion pounds ” over the next ' have to he replaced,
Ji'srrgjs: sst s.
siies Wohf 'f™ • clude references to the possi-
the= 1960s, needed new motors
an dthat the. cast of providing
these would be several hundred
million pounds. .
The anoun cement, provoked
by a report in . the Guardian,
noted that the-rocket motors on
the, missiles, housed Lo Britain's
four Polaris nuclear sub-
marines, were known to have a
“ finite life”;
1 New motors were now neces-
sary fhr the' Polaris missile sys-
tem .to remain in service until
tiie 1990s, when Polaris is to
be replaced by Trident sub-
marines ' • and missiles, the
Ministry said.
hiit yesterdays’ statement is the
first official confirmation that
replacement is in band. It is
' likely to he extremely, costly.
The cmnouncesnetit fc likely to
increase political pressure on
the' Government's controversial
nuclear weapons policy.
Mr DenzH Davies, Labour’s
deputy defence spokesman, yes-
terday called on Mr John Nott,
the Defence Secretary, to make
an urgent statement to ttfce Com-,
mo ns, which resumes on Mon-
day, on the new expenditure.
The Govensmenfs defence
policy was in a “ tofiai sfaamWes”
he said.
The Polaris announcement
comes in the wake of publicity
on another -aspect of Polaris
modernisation, rite new Cbera-
■ line warhead, cost of which has
swollen from about £240m in
1974 to well over flbn today.
Estimates for replacing
Poiaiis with Trident submarines
witfh the possibility that an
and U.S. missiles have risen,
original estimates of some
£4bu-£5bn at 1980 prices could
rise to £8bn-£10bn.
The Defence Ministry stressed
there was no comparison
between Gievalinc. an entirely
British project, and the new
rocket motors, to be bought
from Lockheed.
The Ministry Insisted yester-
day that Trident was the
weapon of the future for
Britain, but it . was suggested
unofficially that new motors for
Polaris might prolong that
-missile's life well Into the 1990s.
Tube season tickets to rise 93%
BY LYNTON McLAtN
THE COST of the average
season ticket on London Trans-
port’s tribe trains will go up by
93 per cent on March 21, the*
minimum -bus fare will be 20p
for a mile ride, and children
will have to pay adult fares
after 9 pm, London Transport
said yesterday.
The increases are being made
in response to. the decision by
the Greater London Council to
double tube and bus fares.
Other changes from March 21
include, on the buses:
Zonal faces to be raised to
40p tor. one zone in central
London; 60p for two zones, with
an gftp Tna-rtmiwn
Bus passes will double in
price. .
Child flat fares to be doubled
to 10p- ....
The special -maximum fare
on Suriday .as- doubled to 40p. ..
Oh the Underground:
• Central zone fares to be 4 Op -
for one zone and 70p for two
zones. - •
• Outside tiie -central zone the
scale will move up an 4 Op steps,
with an average increase of 86
per cent.
• Season ticket discounts wifi
be “tightened up.”
The GLC made the decision to
bring the levels of London
Transport fares back to legality
after the abortive “fares fair"
scheme launched by the council .
in October on the back of a 32
per cent average cut in fares.
The fares cuts and the supple-
mentary rate to pay for them at
a cost of £I25m to London rate-
payers in a full year were ruled
illegal by the Law Lords last
month.
The cheap fares were in line
with the election promises of')
the Labour group at the GLC
in an attempt to reverse the
30-year decline in traffic on
London Transport.
London Transport forecast in
October that passenger miles on
the buses would rise by 10 per
cent to 243m passenger miles,
and on the tubes by 6 per cent
to 166m miles.
By this month bus usage had
risen by 11 per cent and tube
trtivel by 7 per cent, marginally
ahead of earlier forecasts, said
Mr David Wetzel, chairman of
the GLC transport committee,
HalL
The 100 per cent average rise
to double fares was expected by
London Transport in its revised
budget lo the GLC for 1982 to
result in a 26 per cent drop in
passenger miles on the buses
and a 14 per cent drop in pas-
senger miles on the tube trains.
First-time
buyers ‘find
loans easier
to obtain’
8/ Paul Hannon
HOME PURCHASE is getting
easier for first-time buyers,
according to the Leeds Per-
manent Bui ldi ng Society. Last
year, the society advanced a
record amount of funds to
first-time buyers, but it is
unsure how long this trend
win continue.
“Over half of ourt mortgage
funds during the last
quarter of 1981 went to first-
time purchasers, and whether
this lending pattern continues
during the current year
depends on the Budget, bouse
prices, and net disposable
incomes.”
Static price levels and com-
petition from the banks for
the more lucrative mortgages
have forced the building
societies to rely more on first-
time buyers to take up avail-
able funds.
In 198L the Leeds advanced
£700m in 44,000 new
mortgages bat the increasing
presence of the first-time
buyer has altered the lend-
ing profile.
In the last quarter, for
example, lending on detached
properties fell by 3 per cent
against the first three months
of the year, while advances
made on terraced houses,
flats and maisonettes (the
traditional first-time pur-
chase) increased by a similar
amounL
The average mortgage
advance of £14,720 was 5.5
per cent higher in 29S1 while
the average purchase price
of £22,774 was 6.5 per cent
lower.
The Leeds cites tile £25,000
tax relief limit on mortgages
as a major disincentive to
existing home owners to
“trade-up, ” thereby leaving
more funds for the first-time
buyers.
Clash emerges between SDP
leaders over link with Liberals
BY ELINOR GOODMAN, POLITICAL CORRESPONDENT
A DIFFERENCE of opinion
between Mr Roy Jenkins and
his colleague in the Social
Democrats leadership. Dr David
Owen, emerged yesterday over
the SDP’s relationship with the
Liberals.
The clash of views became
apparent at the same time as
Labour -politicians launched
another attack on the SDP. Sir
Roy Hattersley. Shadow Home
Secretary, accused Dr Owen of
trying to drive a wedge between
the Labour Party and the trade
unions.
"The trade unions wfli not
dissolve old alliances because
•the going gets tough,” be
warned, challenging the SDP to
state its policies towards the
un jmis ,
Elsewhere, the SDFs policy
towards its Liberal allies was
called into question. Only the
day after Mr Jenkins had said
in bis adoption speech at Glas-
gow Hiitbead that the arrange-
ment with the liberals should
be more than just fn electoral
alliance. Dr Owen made ft clear
Uiat he favoured a less binding
rd-aJiionship.
It was essential, he sasd, that
the two parties retained their
individual identities, and their
separate leaders. The SDP and
. the Liberals were forging an
alliance, "not merging into a
third parly.”
This is the first time the
differing views within toe SDP
on its alliance with the Liberals
has been made so public. •
It follows suggestions that Mr
Jenkins should be made leader
of the Alliance before the next
election. Dr Owen, however,
ruled out the idea of a single
leader. What the. two parties
were creating before the elec-
tion was a "practical coalition
to prove coalition politics
worked," he insisted.
In a bitter speech by Mr
Hattersley, meanwhile, the SDP
was called on to state its stand
on labour relations.
Did the Social Democrats
want a partnership between
Government and - unions which
offered the TUC and its mem-
bers a genuine chance to
influence national policies, Mr
Hattersley demanded. And
would they oppose the Govern-
ment’s proposals for reducing
(be power and influence of trade
unions?
Other Labour colleagues yes-
terday tried to build on the
accord reached between tbe
unions and Labour leadership
last week • to campaign to get
Labour Party policy across to
the electorate.
Mr John Silkin. the Shadow
leader of the House, said
Labour bad the chance to
“unite behind party-policy, punc-
ture the SDP hot air balloon,
and expose this Government’s
disastrous record.”
Mr Denis Healey, Labour’s
deputy leader, said the Bishop’s
Siortford meeting had set
Labour free to "concentrate all
our efforts on explaining to the
British people how it will work.”
Enter Jenkins, centre stage
r rVS Mark Meredith
on a walkabout in the fOllOWS the Alliance
constituency of
candidate around
Glasgow Hillhead
ROY
press
time
Hillhead
Glasgow.
The Alliance
media in train., donned an
accomplished smile and
advanced on Mrs Jennifer Mac- lack of Scottish credentials. As
donald, who was holding her a portent, there was the jibe
two-year-old son in a Hyndland of “carpelbagger" shouted at
shopping centre. the candidate on bis arrival in
It didn't work. Not only was ' Glasgow on Thursday.
Mrs Macdonald a Bennite; she "I am an outsider,” he told a
also turned out to be another press conference yesterday.
outsider. “I’ve got a terribly
English accent," said she. “Well,
I suppose I have, too,” con-
ceded the candidate.
Mr Jenkins, on his first entry
into Scottish politics, has tried
to make as big a dent as
possible in the effect of his
“There are a lot of Scottish
Members sitting for English
constituencies and the British
Parliament would be a lot
poorer without them.”
He went on to say he wanted
to show he was sensitive to the.
needs of the constituency and
the city, and had come to under-
stand Glasgow.
Glasgow Hillhead has voted
Conservative since 1922 and, as
devolution has hardly been a
strong point for the Tories, the
Scottish issue might not be that
pressing a worry for Mr Jenkins.
But the growth of Hillhead as
a bedsit area for Glasgow
University and its gradual trans-
formation into one of the most
fashionable areas in town are
likely to mean it wil become in-
creasingly responsive to con-
temporary Scottish issues.
Mr Jenkins hopes to over-
come his shortcomings with a
vigorous attack on the indus-
trial decline in Glasgow and tbe
West of Scotland .
Earl loses claim to
offshore oil rights
BY RAYMOND HUGHES. LAW COURTS CORRESPONDENT
‘ade o§3
tension
Who
the
- Division ."from 1970-1974,
' .. .. Adied oir Thursday.. -
. . i Sir' John, was appointed vfee-
' . .^:Ca>ance?l<H>— toe senior Cban-
*■ judge— when the post was
• 7 -rtyiyed after,' a gap of 85 years.
V The •; present ' Vace-CbanceHor,
S ' Robert Megiariy,-. said Sir
a 1 bad an instduclffve feel
the decision that would pro-
' du^e a fair resott in a case.
Castings recession '
hit 120 workers
BRFESH STEEL is iaakSnk 120
■frmriry workers redundant at
the Staveley - works. Chester-
field BSC blames falling, orders
for ratings for’ the ■tractor and
moto industries.
THE. Karl of Lonsdale 'has lost
his Higb.Coiart cfcaan to owner-
ship of a»y oil or natural gas
under a. large area of the Irish
Sea off The Cumbrian coast
The court ruled' yesterday,
that a conveyance by the Crown
to Lord Lonsdale’s forebear, the
second Earl, in -1880, of rights
to “ mines and minerais ” dn toe
area, did not include rights to
any oU or natural gas.
Mr Justice Slade said Shat in
1889 no one knew If- .there was
oil or natural gas in the area.
It was clear that the potential
commercial - importance and
■ value of rights to search for ofl
and g»s were then not nearly
as fully appreciated as they
were today. ...
‘ There was no clear evidence
that, -in the. vernacular of land-
owners or the mining and
coxxunercud worlds «t that time,
the ' phrase; “ mines and
minerals ” included ott. and
natural gas. • • '
. There Ware, however, indica-
tions. in the 1830 conveyance
that toe phrase was intended to .
include - only solid substances
dug out of the earth by means
of mines.
Lord - _ Lonsdale’s unprece-
dented claim— no other private
individual has ever tried to
establish such offshore rights —
had. been ' opposed by the
Attorney • General on behalf of
the Government.
. The judge said that in 1860
toe Crown granted toe second
Earl a lease of "aH Mid every
the mines, veins, seams and
beds of coal, culm, ironstone
and fireclay ” within three miles
' of toe low-water mark off
Whitehaven and St Bees. '
. In - 1880 the Earl paid toe
Crown £50.000 for similar rights
over a .much larger area
Stretching beyond the three-
mile limit and also "all other
mines and minerals, if any,
in -the same area.
The Crowm argued that of any
rights to oil and natural gas
had passed in 1880, they bad
been revested in the Crown by
toe Petroleum (Production)
Act 1934, and toe 1984 Con-
tinental Shelf AoL
The judge said that tff he' had
decided that Lord Lonsdale had
toe oil and natural gas rights,
he would also have held that
those outside territorial waters
had passed back to toe Crown
hy .virtue of the 1964 Act
But, he said, any such rights
inside territorial waters would
' not have gone back to the Crown
as a; result , of toe 1934 Act or
any other legislation.
The judge had been toid that
in' 1969 toe Department of
Trade and Industry had granted
Ultramar Exploration a licence
to. explore for -oil or natural
gas in part of .the area. The
company surrendered its licence
in 1974, having found nothing.
De Lorean off 3-day week
BY OUR BELFAST CORRESPONDENT
THE DE ’LOREAN sports car
company, which is' backed by
£80m of government money, is
to take its Belfast assembly
plant off the three-day week it
introduced on Monday, but pro-
duction will still remain at a
reduced level. , ■ ■
The company's normal output
of 400 cars a week had been
halted because of the recession
in the UJS., problems in arrang-
ing sufBcient export finance and
a components shortage caused
by the SeaJinK ferry strike.
De Lorean said tbe factory
would return to normal day-shift
working on Monday but the
number of workers on night-
shifts would be reduced. Pro-
duction would be maintained in
line with what toe company
could export
Mr John De -Lorean, company
chairman, said ' he needed
guarantees from the Export
Credits Guarantee Department
(ECGD) to raise tip’ to 57 0m
in order to replace a credit
from the Bank of America with
a ceiling of $30m.
:De Lorean would hot put a
figure on next week’s produc-
tion rate, but it is not expected
to exceed the 200 cars produced
this week.
lelfast boys’ homes inquiry ordered
ttOUR BaFAST CCiRfiSPOWJCNT
GOVERNMENT has the failure to identify malprac-
• J2E
orderian" independent inquiry
into .fonosextial activities at a-
- Damir oi. boys' homes in_Bel-
fast Dalis for a Jull hiitial
. inqub - have been rejected,
howeir.' ,
This former staff members
at Knora boys' home in Bei-
fast paded guilty last monui
to offfees against boys in their
> care ding back to 1963. They
receiyl sentences of up to six
years i prison:
• Mr ames Prior,'' Northern
lrelant Secretary, yesterday,
named! five-member 1 co mm it-
'• tee tp vestigate and report on
tices at an earlier stage.”
The inquiry, which will sit in
private, was decided on By the
Northern Ireland Department of
Health after speculation that a
homosexual prostitution ring
bad been run from the Kincora
home and covered up by those
in authority, . . . ■
But Mr Prior said he was
satisfied that no person there
with evidence against had
escaped prosecution because of
their posftion or influence.
There was no evidence of any
involvement °f a criminal-
NI Office official*
suggested in the Press be said.
Mr Prior said there was no
case for a public judicial
inquiry, which would cover the
same' ground already ex-
haustively investigated by the
■ police;
The committee of inquiry will
be chaired by Mr Stephen
. McGonagle, a former NI
omb u dsman
Mr Gerry Fitt. the West
Belfast MP who raised allega-
tions- of a cover-up in the Com-
mons, said he still believed the
allegations were serious enough
— and ' the : community so out-
raged— to justify a judicial
would have
teetpSesti^teandreporioi. legal figures or lead- .inquiry which would havi
. proredfis at Kincora and other po_ winessmen as had been powers to subpoena witnesses.
homes id “ of. the reasons for
In 1981, NPT set yet another
record for bonuses. And it came as
anything but a surprise.
Afterall,the same thinghappened
the year before. And foe year before
that In fact, it seems we’ve always had
record bonuses.
The rates you see here apply to
our current series polities.There have
also been substantial increases to
bonuses on old series policies.
• Andterininalbonuseshaverisen
to record levels for foe second time in
under a yean
- If you’re fortunate enough to be
anNPIpolicyholdei; you’U be getting
SELFEMPLOYED
RETIREMENT PLAN
£6«65 0 /o
ENDOWMENT AND WHOLE
LIFE POLICIES
£4.65%
CAPITAL PENSION PLAN '
AND VISIBLE GROWTHFUND
foil details in your copy of foe Annual
Report
If you’re an insurance broker
or professional advises; you’ll find all
foe facts in an Agents’ Newsletter
And if you’re interested in what
our impressive trade record could
mean to you , contact your local NPI
office or John Fisher at National
ProvidentInstitution,48Gracechurch
Street, London EC3V OBB.
J4%%
TOTAL
INTEREST
ITPAYS TO LISTEN TO EXPERTS.
/
Financial Times Satiirifey famaiy 16 1S82 -
UK NEWS
LABOUR
Changes to
EEC social
fund ‘would
aid Britain’
Intense sales competition
brings down petrol prices
Caledonian IThe four
Airmotive _ ,,
in Wardair keep tflC
service deal
0
BY MARTIN DICKSON, B4BRGY COR8SPOWDWT
By bo Hamilton foxy
A FIERCE ba«te for petrol and in part to the relative
sales between Britain’s oil com- strength of the pound against
PROPOSALS to change the
working of die EEC’s social
fund were outlined yesterday
by Mr Ivor Richard, the
Community’s commissioner
for employment and social
affairs. The changes would be
to Britain's advantage.
Mr Richard, who was on a visit
to Merseyside arranged before
hag prodi^ed fresh cuts the dollar, in which crude oil is
in pump prices.
Companies said yesterday that
priced.
But the faH is also .the result
the average price of a gallon of of a struggle between the oil
four star in urban areas had companies to maintain the
One supplier is considering
cutting its wholesale prices by
more than 3p a gallon. This
would reduce the amount of
support given to dealers and
would narrow the wide dis-
BY IYO ORWMAY, LABOUR STAFF
slipped to about 16Qp 2p or 3p volume of petrol sales at a tune
less than a fortnight ftgo. Ttris when refinery capacity is fax
companies to m aintain the -crepancy between prices in
volume of petrol sales at a time urban areas, where price support
compares wife an average late outstripping depressed demand.
last year of between 166p and UK sales feE some 3-5 per cent
2£ S5SWS ^Bto have bee, hit in rtcen.
I68p.
P rices have fatten lower in
last year, and only a small
improvement is expected this
the means of defining areas in
need.
These are based on government-
drawn maps that do not en-
able the fund to help problem
areas outside specifically
designated regions.
This means that while the fund
battle is partietdariy intense.
is common, and less competitive -
rural areas, where it is rarely
given. It would make little dif-
ference to the average price
of petrol, however. -
The company concerned
In the North-West, where there weeks byflie bad weather and
is strong competition from the Christmas holiday.
appears to be waiting to see
whether the fall in the value of
independent- dealers and sub-
stantial local refining capacity,
the average last week was about
154p a gallon. Some stations
whether the faH in the value of
the pound over the past .few
days is maintained. If so, ft is
In areas of strong compels- days is maintained. If s<
non, companies are pouring mil- to shelve the plan,
lions of pounds into “price sup-
port” — temporary subsidies to ^ . P rice support
because Liverpool was in a
special development area, it
•- could not do the same for
Brixton because London was
not such an area.
Last year Merseyside received
£2 .2m from the social fund.
Mr Richard proposes to use un-
employment levels as the
criterion for using the fund,
with the bulk of money going
to trading schemes and job-
creation projects.
The proposals have yet V> be
put to governments of EEC
. countries and Mr Richard
' .said he expected some opposi-
tion, although not from
Britain which stood to do
better under the new arrange-
ments.
Countries which stood to get
less money would be France,
, West Germany and the
Netherlands, he said. The
1 Irish thought they might be
worse off but he believed they
would do better.
had dropped as low as 149p‘ retailers.
Prices in Bristai and parts of Leading UK companies are
the North-East were also said spending between £2.5m and
to be about 154p. £3m a month on price support
The drop is due in part to In some areas the subsidy
lis means that while the fund Prices in Bnstai and parts of
could- help projects designed the North-East were also said
for the problems of Toxteth to be about 154p.
because Liverpool was in a The drop is due in part to
failing prices on the European amounts to 15p off the scheduled
spot market for oil products mice of petrol.
dies to The price support system
guarantees, retailers a fixed
ies are Sross Profit margin — currently
m and afcout 6p a gallon: .
support. The Motor Agents Association,
subsidy which represents retailers, says
beduled Sp is too low, and is pressing
the oil companies for more.
6 Micro- van’ project launched
BY NICK GARNETT, NORTHERN CORRESPONDENT
THE Departinent of Industry’s The trailers are divided into irony.
micro-van ” project involving four sections — microcomputers
She told the NCC that closer
and more fruitful links were
six articulated lorries organised and education; a general office; and more fruitful lin ks we re
as exhibitions of electronic applications an. industry and. ser- needed .between university
office equipment, was launched vices; and new British Telecom research and Industrial appli-
yeserday by the Prime Minis- equipment. One trailer is cation and marketing,
ter. already being exhibited in Bir- But a visit earlier in the day
The Leyland tracks, fitted mingh a m .' to Salford University— which
with micro-computers, will The launch was carried out has strong links with industry
tour the country as part of In- in Manchester at the head- but which is subject to some
formation ■ Technology Year, quarters of the National Compu- of the biggest cash grant cuts
The Leyland tracks, fitted
with [micro-computers, will
tour the country as part of In-
formation ■ Technology Year.
They wiH visit schools, fairs and
other -venues to encourage
cation and marketing.
But a visit earlier in the day
to Salford University— which
has strong links with industry
but which is subject to some
of the biggest cash grant cuts
ter Centre which is managing of any university — resulted in
grater interest in new tech- for the year.
the project on a £lm budget
nology as a tool for improving
industrial efficiency and profit-
ability.
However, Mrs Thatcher’s visit
to Greater Manchester was not
without a strong element of
BUILDING SOCIETY RATES
Deposit
Sub’pn
rate
accounts
shares
%
%
%
Abbey National
9.50
9.75
11.00
Aid to Thrift
1050
10.75
_
Alliance
950
9.75
1L0Q
Anglia
950
9.75
LLOO
Bradford and Bingley
9.25
9.75
LLOO
Bridgwater
950
9.75
LL25
Bristol Economic
9.75
1050'
LLOO
Britannia
950
9.75
1L00
Burnley
9.50
9.75
lLOO
Cardiff
950
1050
1150
Catholic
9.50
10.00
LLOO
Chelsea
950
9.75
lLOO
Cheltenham and Gloucester
950
9.75 .
lLOO
Cheltenham and Gloucester
—
10.75 .
—
Citizens Regency
—
10.00 •
1L25
City of London (The)
9.75 '
10.00
U55
Coventry Economic
9.50
9.75
1155
Derbyshire -
950
9.75
lLOO
Ealing and Acton
9.50
1055
—
Gateway
950
9.75
lLOO
Gateway
—
10.75
—
Greenwich
— .
10.00
1L25
Guardian
950
10.00
—
Halifax
950
9.75
1L00
Heart of England
950
9.75
LLOO
Hearts of Oak and Enfield ...
950
10.00
1150
Hendon
10.00
1050
Lambeth
950
10.00
1L75
Leamington Spa
9-60
955
1350
Leeds and Holbeck
950
9.75
1L50
Leeds Permanent
950
9.75
1L00
Leicester
950
9.75
LLOO
Liverpool
950
9.75
1L05
London Grosvenor
950
1055
12.00
Moroington -
1050
11.00
—
National .Counties
R75
10.05
1L05
•Term shares
11.76 6 years. Sixty plus, 10.75 1 year.
high option, 10-25-1L75 1-5 years
open boodshare
a silent protest at the cuts by a
few hundred students.
The university is subject to
a 44 per cent redaction in
grants by 1983/84, with a 30
per cent fall In students by
1984/85. .1
The Prime Minis ter said, she
understood .the feelings of .Sal-
ford staff and students at the j
level of cuts but said these were
decided solely by the Unvier-
sity Grants Committee within
the overall cash provisions for
universities set by the Govern-
ment
She paid tribute to the way
Salford was coping with the
reductions.
By Mark Mwedftfv •
Scottish Correspondent
THE CALEDONIAN Aviation
group yesterday signed a
£25m contract to' overhaul
anrf maintain ttnbofan
engines for Wardair, the
Canadian
The five-year contract is to
be carried out by Caledonian
Airmotive, a sister company,
to British Caledonian, at its
new aeroengine engineering
plant at Prestwick airport.
Caled o nian Airmotive will
maintain Wardair’s ___ 25
General Eleetne CF6-50
e ngines used on its fleet of
three DC-lOs and two Boeing
747s.
The link with Wardair also
envisages the use of the
Canadian airline’s Toronto
base as both an extension of
r a T «vTn iri»r, Airmotxve’s opera-
tions in North America and
of its hunt for new customers
among the world’s independ-
ent airlines which lack thfh
own overhaul faci lities .
Engines could »>e dis-
mantled at Wardalr’s Toronto
hang ars and engine modules
flown back to Prestwick for
repair.
Caledonian Airmotive went
inti* operation In spring 1980,
and is one of three mainten-
ance f adlitids in ' Europe,
Asia and Africa capable of
completely refurbishing the
General Electric CF6 engines.
Mr Kelvin .Kellaway,
manag in g director of Air-
jnotivs, said at yesterday’s
signing with Wardair that the
company was on target for its
growth in turnover and profit-
ability. Turnover this year
was estimated at £15m com-
pared with £8m last year, and
exec uti ves are confident of
profitability in 198L
Airmotive - already has
three other ' big servicing
agreements with British
Caledonian, Egyptair and
Spantax.
The Wardair contract will
see work on an average of
two engines or engine
modules a month.
The £12m plant can handle
250 big fan engines a year.
THE POSSIBILITY of an eariy .
settlement to the zniners’pay
dispute could hang on. Just four
■words on the National Union, of
Min eworkeis* voting form.
As the ballot boxes dosed yes-
terday, it was the reqn est by .
the union’s national executive
for “industrial action if neces-
sary” that appeared to haye r
influenced the voters from, the
Nottinghamshire coalfield: :
The National Coal Board has
offered 9.5 per cent
“Those four words could leave .
the executive with a lot of egg
on its face," said Mr Ernie •
EUdngton. a 34-yearold miner
from the 1,000-strong Annersley
pit
Tf the ballot ptper had asked
ns to reject 'the offer and allow
them to have a go at 'improv-
ing it then they might well -
have got 90 per cent support, •
but very few round here want
a strike — we jost can’t afford
it" " - . .. -
Traditionally a moderate .
area, the 34,Q00«trong Notting-.
hamshire field was widely
thought to have become more
militant following its vote to
back Mr Arthur Scargili in the
recent election for the NUM
presidency. But in a straw poll’,
at three pits yesterday the vast
majority believed the vote could- .
be as heavy as 80-20 for accept-
ing tiie offer. ._
The miners expressed much
greater concern over their
mortgage and - • hire-purchase
commitmen ts than, about the
possibility of .winning the odd
percentage point on basic rates.
Earnings averaging £157 . a
week and bonuses in some cases '
Moderates
BY CHRISTUM TYUffi. iAfiOOR fiWTOR
MINERS IN- traditionally ’ shfrej ihe Nortb-W
moderate eeaSneuu were
. reported to... be " voting
decisively against '• their
union’s rail for strike action #
.necessary Co secure ■* higher
wags offer. . ' •• *
As the twcnlay pithe a d
ballot closed last igfati the
assessment fc / Om /National
Goal- , Board - wag that the
N a ti o na l "Union., of -.Mlhe-
workers would therefore fad
to secure the 55 per cent
.majority . required to call, a
national strike.
Union leaders s^Q believed
"the Yoter could be close: but
their earlier confidence that
the miners’ loyalty to their
...union 'would overcome their
trepidation about a strike
seemed to be dissipating.
" Counting 'of' the votes
begins immediately, but can-
not be completed before Wed-
nesday because bad weather
has delayed voting in the
snowbound South Wales pits.
Strict procedures in tone
over' the handling / of coan-
teirirfre «id the . Jreands
would return similar isults
fo those last year, whel pay
offer - --recommended! foe.: ...
executive — was accent by .
56 per cent. - \
. The, bellwether Derhure\
area: was said to be efaly '
split, as was the forarty
moderate Durham eoaliid. . -
Big abstentions were repafed.
■ Big. Left-led NUM abs .
like . Yorkshire, Scotland fel ■
SouOt Wales can swing fee-
national" result witit a ih
rejection .rate. . The vote a ”
South Wales on Monday
Tuesday could be - cram ;
becanse the miners there. Yf. •
be poHing intense span
lafieii about the pat6erA e%
where.- :l..-
If ffee vote appears to V.
lost for the union, there r*
be a furious row at
national executive commute rT
meeting on Tuesday. T^E?
Scottish axes wfll move
resolution, condemning ' i t
Jpe Gormley, the omtgoin]
pleted ballot papers .---made president, ■•'for speaking oo
accurate assessments . Impos-
sible. But there were reports
that "areas like Nottingham-
the executives dec
slon and, in effect, telling for.
zhapers to vote No. : " *• -'
lHting^ over, the £200 mark ^ving jobs, tat foejr added that ..offer Is not' enough, they
have badly blunted any mstinet jj^-^Becugro-had misjudged the fancy o strike — especially wi
S a^«cess»n awi tfe amoontr
Mr Scargili. fmr felt obliged to ^^S^SeloS^ ateady 0 “. ttre f
fonw him over the top. many hdners atriie l,4004!troa3g •
_Wh ei1 35-yearo ld Mr John jfewstead cottiery, . where of . . *Tf we da get the support - ..
for cortrontatioiL And though mood „f jt e mei this .t
many men admitted to backing it was tM s drreaf
Mr Scargili, few felt obliged to Si26JS!5b 1
follow him over the top. manv ndners at riie 1 4<
When 25-year-old Mr John 3
-gathan prerfeoed the view that.
“if you pay intn a umon, you’ve ^voted to support ffa
got to back it,- be was rounded - f^xuimieiidation.
Morton, 19, A^eed <ha<
ixos is a democratic muon, ^
said face wosker Mir Wes IMe.- fafflfm
“Just because <we put Scangifl hi
eigfet inincrs interviewed only wd be "out of loyaity to tt-
one voted to support the execu- executive^.but a lot of pepp’
iESESIF ***■"'" ^ tol «>- 000
time’s' reoo mmeadaittdn. ' bBck are worried, that the : strike
Morton, 19, that be was poKticaL"
in a xz&nmAy in a pk where . . The relatively poptdaxtiy\
production has fafflen in s ax - ^ bonus rp wbj
years from over. Him tonnes a some men are earnink as hi
" Those -who haven* got «
Others argued that Mr Scar- fo
ffl would come onto his own in ’25HP.JS1' '5SE, st3 ^ e -
The relatively popolaiityv/" :
the bonus scheme, ..in .. uror-
some men' are earning as tin —
‘as £14.CKtra -.per shift, _■
a. factor militating
gill would i
preventing
Closures
11.75 5 yrs^ 1125 4 yrs^ 10.75 3 yrs.,
3X00 £500 min., 3 mtbs/ notice
12.00 6 yrs^ 10.75 1 mth- noL inL loss
10.75 1 month’s notice' deposit
11.75 5 yrs., 10.85 2\ yrs.
9.75 3 months’ notice and 10.75 on
balance of £10,000 and over.
Escalator shs. 1025- 1X75 (1-5 y),
1X25 4 yrs^ lLOO 2 months’ notice
3X75 5 yrs., 10.75 3 months’ notice
Optrex plans to grow in
pharmaceutical market
back itbe moo,” be saSd. “Hit „ A • ^ * -
goes for a strike it .win be toe ™ en ** f*f*=-*=
young ones duff do fit”' ■ ■ . ' 1^ have . 8180 S ot la ^'
IfrRay Gbadbum, area ^^...to«^'.so‘therR.iSLmorB at as
dent, confirmed that toe result But Mr ChadbOixi was a
was likely tojbe tbodi and go,' certain that if a natiohMi
voting anywhere between. 5050 'majority voted for; a strike,
and 60-40 for .acceptaog i.toe would get totri suppoit fr
offer. his men, despite- the threat
• ‘•While they accept . that toe the future of several .local p,
OPTREX, toe health care com- Faith ill' the future
pany best known for its eye _ .
3X25 Extra share 3 months’ notice
12.00 3 months interest penalty
— Gold Account. Savings of £3,000
or more (9.75 otherwise)
12.00 5 yrs^ 1X05 3 mths.’ notice a/c,
■ 1L30 6 mths.’ notice a/c
31.25 Capital City shs. 4 mths.’ notice
1L50 4 yrs, 1X25 3 yis., 1X00 3 mtbs.
10.25-10.85 3 months’ notice
1090 2 years, £2,000 minimum
1X75 5 yrs., 1X25 4 yrs, 10.75 3 yrs.
— Plus a/c £500- min. Inti-yearly
12.00 5 yrs^ 11-25 3 months’ notice
1X75 6 mth!, 1X25 3 mthu, £1,000 min.
1X75 5 yrs.. 11^5 4 yrs, 10.75 3 yrs.
— 3 mths.' notice 10.75, 5 yrs. 1X75
1X75 5 yrs., 11.25 6 mths.’ not, 11.00
4 mths.’ not
13.50 6 mths., 1125 3 mths.
12.00 5 yrs^ 11.75 6 mouths’ notice*
1X35 1 year
11.75 5 yrs, 10.75 1 mth. inL penalty
1X75 3 yrs^ EX a/c £500 min. 10.75
1X75 5 ynL, 1X25 4 yrs., 10.75 3 mths.
1X75 5 yrs., 10.80 1 mth. inL penalty
10.75 3 months* notice
Nationwide
Newcastle
New Gross
Northern Rock ..
Norwich
Paddington
Peckbam Mutual
Portman
Portsmouth
Property Owners -
Provincial
Stdpton —
Sussex County
Sussex Mutual
Town and Country
10.75 35 days’ notice min, dep. £500,
6 mths.’ 1X15 min. dep. £500
1X75 5 yre, £500 min. 90 days’ notice.
Bonus a/c 10.50 £2£00 min,
10.75 £10,000 + 38 days' notice
1X75 4 yrs- 10.75 2 mths.* notice or
on demand 28 days’ inL penalty
10.75-1X50 on share acts., depending
on min, balance over 6 months
1X75 5 yrs, 1X25 4 yrs^ 10.75 3 yrs.
10.75 3 yrs, 1050 2 yrs.
1X25 Loss 1 month inL on sums wdn.
1X25 2 y, 1X75 3 y, 12L25 4 y, 1X0 Bus.
1X75 5 yrs_, 1X00 6 months’ notice,
10.75 3 months’ notice
12.10 (5 yrs.) to 1X50 (6 mtbs.)
1X75 4 yi&* 1X75 6 mth, 1X05 3 mth.
12D0 4 yrs„ 1X25 3 yrs^ 10 J5 2 mths.
1055-1X00 28 days’ interest penalty
•11.00 Instant . withdrawal option
10.50-11.75 all with special options
1X75 5 yrs^ 1X25 4 yre, 10.75 3 yre,
1X00 imm- wdL 28 days* inL loss
Wessex
Woolwich 9.50 9.75 1X00 1X75 3 yrs. £500 min. 90 days’ not fin
amt wdm, ia75 £500 3 mth. not
forkshire 9^0 9 l 75 1X00 1X25 5 yra.," 1X25 4 yrs, 10.75 3 yrs,
1025 2 yrs, 1X05 Golden key 28
‘ days’ penalty, interest
• Rates normally variable In line with changes in ordinary share rates.
All these rates are after basic rate tax liability has been settled on behalf of the Investor.
Yorkshire —
products and cough remedies,
has begun a 10-year expansion
programme which will lead to
total investment of about £15m.
The company. Which has for
a year been a whoHy-owned
subsidiary of Hoechst of West
Germany, aims to launch one
Kg new product and three
others for every year of toe
pian. The expansion wifl cover
all areas of medicine and
toiletries which can be sold over
the counter an pharmacies with-
out a prescription.
“By toe end of toe decade
we hope to be. in serious con-
tention for toe big league of
over the counter products,
whereas we’re in toe second
division at toe moment,” Mr
John Woodford, managing
director of Optrex, said.
The aim is to quadruple toe
company’s turnover in real
terms by 1990. At present it is
about £8m a year, tododmg
products sold under licence
abroad.
The expansion programme,
approved by Hoedhst eariy last
year, will mean planned losses
for Optrex for the next four
or five years.
Twenty sites
Mr Woodford, however,
expects toe company to be
making 15 per cent pre-tax
profit on greatly expanded
turnover by toe end of the
decade.
Optrex, which recently moved
into a £2m headquarters at
Basingstoke, Hampshire, is also
considering setting up as a
manufacturer again.
Since leaving its site in Peri-
vale, West London, in 1976,
because it was too small, all
Optrex products are made by
other companies. The eye care
range, for instance, is made at
Roussel Laboratories in Swin-
don, and toe cough remedies
are made by a competitor,
Beecham. The complete range
. of products is brought together
at Basingstoke from 20
different manufacturing sites.
of over-the-counter
medicines has
prompted a £15m,
10-year investment plan.
Raymond Snoddy
reports ■
over-toecooxter market there
are particular reasons for wait- ,
ing to expand in toe UK now.
Hoechst hopes to be we&
placed for the end of toe reces-
sion. The finamaal strains on
toe health service mean people
are increasingly consulting toe
pharmacist first on minor ail-
ments because of toe pressure
on doctors’ surgeries. Optrex
says it will continue to sell most
of its output thr ou gh , retail
Water workers’
unions vote
to accept 9.1%
his men, despite, fhe threat *
toe iftituce of several .local p^. ^
Dockers reject.
peace juroposal^ rr
at Southampton
pharmacies.
WInthrop— in one of the most ^ trend seH-medi-
fiercely competitive areas of
the pharmaceutical markeL
cation is also receiving a boost ,
from toe rise in prescription
By John Uojrd, .
. Labour Correspondent .
REPRESENTATIVES of toe
country's ' 32,000 water and
sewage workers yesterday voted
by the narrowest of margins- to
accept toe National Water Coun-
cil's 9.1 per cent offer. ■ .
The trade union side of the
The company said there had charges, which are now £1 an
been no new product for 10 and due to rise to £X30 in
i. . By. Briui Groom, Labour^aff ’• .
HGPE&DF ending 10 rUbfrths : ,
disputes at toe port ;tit; Sou- ■ -
amp ton received ‘a double bl : .
yesterday when cargo check*.
rejected toe latest peace pi ^ ..
and 140 foremen threatened ~]‘..
strike.- .
This threw into confusion t
years in the UK analgesic mar- the spring. Altoongh few over-
ket, which is worth £60m a year the-counter products cost less
item and due to rise to £X30 in I tee wted by 10 votes to nine to
the s pring Although few oyer- 1 eeeept* with the largest union-
industry’s negotiating commit- British Transport Docks Boar> .
tee voted by 10 votes to nine to plan to restore toe. crisis-hit a ,
at retail prices, and consumers £ lf the public and
were unhappy with available doctors arc looking for cheaper
products. .. . . alternatives to prescribed
Many people, particularly medicines. -
women, Mr Woodford said, find • The housdtohl medtrioes sec-
it difficult to swallow tablets td- been fairiy flat in the
and are put off from crunching uk for toe past three or four
them by the bitter taste. Dis- years, but Optrex envisages
solving painkillers need a glass growth of 2-2.5 per-cent a year
of water. Optrex’s answer to the ^ significantly more' if new
cost less foe General and -Municipal,
jubtic and Workers — joining the smallest
or cheaper the Agricultural Workers. The -
prescribed National Union of PubBc Em*-
ployees and toe Transport and
Brines sec- General Workers voted against
fiat in the Because of the closeness : of
ee or four the vote by GMWU members to
envisages accept — less than 55 per cent
tamer, port to full three-shi.2 ; .
working today.
■ Talks were being held wi'" 1
the- foremen and Transport- a . ..
General Workers’ Union officii. ..
last night after toe men votCV
in a surprise' move, to striV;..
until Wednesday.
They protested at vdiat to L/
claimed was a- written- comm -
ment by employers to toe por ;
problem is capsules and foe remedies are marketed. Latest
results so far have been en- estimates foe branded household
cooraging medicines, not dnduding generic
Pbanmacm has been available
rnfZS ^ own-brand prodnets, p^ts the
E r A y u S wane of toe market at £270m a
— and toe opposition by Nupe ment by employers to toe por
and toet TGWU, it bad been 1.400 dockers that -no work ...
thought that the vote might go would hi future be able to -
narrowly against acceptance, more' than one shift a day. Bo .''
Several members of the .trade foremea ®^4 dockers are in t . -
union side said further conces- r'TGWU-
help of a £600,000 launch,
which has emphasised the fact
that it can be taken anywhere.
year.
At present Optrex specialises
in eye-care products, where it
2* 18 ^ ^ arssriTiS
n« S ' analgesic i
brands have about 60 parent **
of the market Boots’ own 52^2 j” 5 Pwdimte, vita a n iK
brand do^iatre the otter S!
Tjgr cent ^fod stom-care products- mid
per cent vai - w
“We achieved our target for
1981. We aim over a period of care,
two to three years to get 5 per tx.
cent of the market” said Mr JLHSCHSSKH1S
Woodford. At least £lm wfli be Its program®
spent this year promoting • a big mark<
Pharmarin. im In irtAmtLfw
sions should be demanded from'
the Council between the present
settlement and that for next
year. - /. v
An issue which is lftdy to be
raised is the parity of stant&y
and callout rates between the
manual workers and. staff.; An
earlier settlement between the
two groups which had .achieved
parity has been overturned by
a further payment to toe-staff 1
. The port’s troubles are root
in - dockers’ ~ complaints -to-. .
otter, workers are ■ahfe"v" :
achieve high earatoga by doh
overtime while surplus docks; . .
are bring sent home becapf . .’ ; -
there is jnpt aioa^i ynA ±'r- ;
them. ■ : y'.’-v
Meariwhfle, the 150
members of foe jratfonaLUwi • -
of IRallwayihen, told offiriafi/S ' .'* '
a rate 1 meeting to go
, management on • .three:’
least £l m wtii b e Its. programme waH involve:
year promoting • a big market research pro-
inn ^ n, u- to identify new and negiee-
The expmsion *t °ptrex ^ ted areas of health care or Seas
BEL2 easting products do not
Hoechst which so far has satisfy toe consumer;
spcciaiisec *** 1 j ^ ^
•anew product department to
to re tatting and the consumer. findings-
The company sees potential « « We marketing mmJ*'**.
growth in toe over-the-counter establito these
proprietary medicines market f>ntTXlv . w prodacts -
particulariy for people over 50. «pnex ts also dis c us sing wi
Optrex is also discussing with
In developed countries they ticpmtnient of HeaJth toe
groups. mari a geme iit <m' three '
The offer increases foe basic b ackdatin g of . an
rates from £7X70^78.70 a week rwamitinent, and doua
to £77.20^E84.75, and & roughly- working at times of eirie:
'comparable with - the 9B per They have been in disb,
cent average offer .-presently fotir raontis.over new sp
under ballot among minewor- terns.
kers. Uitiike the miaeworkers^ Tbe ppcks^ Board rera
however, the water workers bad night fatted wifo -ettiittr n
been advised by union officials dockers as ff •they. Wro w4
to accept — though Nupe . later normally— although ship]
overturned this recommesda- at a fraction of its forme
non,, and. campaigned far a —or angering them, hj
- -ceUinv thO Tfrilirn
a j — - or . angermg-. them.
- j-cening tite Tritrm to fi
A decision to manufacture at combine ' tiring disposable in-
D^orits of £1JXX>£5(XQ00 acc^xed fiar fixed tesms of 3-10 yeaiSL
Interest paid gross,haIf-yBaiiyRales for deposiisrecrived not later tha
axe fixed fia* me tenns showrc
Basingstoke would not only
expand employment there but
Could also bring some manu-
facture back to toe UK from,
such countries as Italy. Switzer-
land, Australia and Nigeria.
At present Optrex employs
■only 124 people directly, in
management, research, quality
control and -warehousing.
Optrex has already launched
come with an increasing concern
■Mirth health care and maintain-
£*ease of several
from toe presofiptioixHdy cate-
iag physical fitness.
Optrex was set up in West
Two years ago Hoechst ^f ndon J P 1935 to make and sell
acquired a German overtbe- fo* c ®“gh mixture invented by
counter company, Cassedia-Med, a French pharmacist, M, Fame!
which “mirrors” C^trex. The fod the eye lotion' he acquired
British Al uminium ifoft •§
Inv ergordon red irndaiK e&
»!Th e
S
IT
two sobeidtartes win divide-toe
ho rid between them - and
distribute each other's products.
in the UB.
When the company -was
bought in 1975 by Hoechst and
CasseHa-Med wfli cover the Roussel on a 50-50 basis for
- BY BRIAN GftOOH XABOUh STAfF : ~ ^
A MASS uleetiag of toe 900 to rriease^umloa sm*
workers at British - Alrauinium’s : : a . ^tontroited; ebasis "
closure-threatened . Invergorilon cdtopany^s ;; . - Kln>
toft..-,;
the. first oE its new lines, Phar- European markeL while Optrex. £2^m from M Famel’s erand. i anelter was told-vesterda^fosit-^ aihriter bemuse ni l
niacin, an aspinn _ analgesic in whicii already exports to or has sons, ** — - ” - * ~ — - - inc«fea»
Tfemis (years)
intecst%
UmOod SEl BXP. (01-928 7823 Bit 36A Cheque? pgjabtalo'Banl
Finance for Imtartry limited
;<rfEa^aod,a/cFHr
heavily advertised. Parke Davies 60 countries will concentrate on in the UK proprietary medicine
is providing the capsules, its tradtional trade ties with toe markeL >
Seward Pharmaceuticals the Commooweatth . aod English- Mr Woodford says Optrex is a
aspirin and Klomkner Petapack speaking world. Optrex already small company with a big name 1
Is domg tne packing. exports 25 per cent of its pro- well known both in Britain and
Optrex has decided to take ducts and too expansion wifl elsewhere,
on the majors — International also involve a posh into inter- “Our olans f or the future of
macin. an aspinn analgesic in winch already esparto to or has sons, it was one of the few I fo 0 company had agreed to los^ ttere.^ ; ,,
capsule forau which is being direct manufacture in more than privately-owned companies left I d *fer redundancies lor a wtek - ‘ ' - ead&
— * =-'• ' — * 1 until January 24. : "i.. ' A -
even> ;
Is doing the packing. exports 25 per
Optrex has decided to take ducts and toe
on the majors — -International also involve a
Chemical Company, Sterling national markets. ■ w M
Health, Beecham, Reckitt and Apart from. Hoecbsfs brilef becoming a bigger company
Colman, Aspro Nicholas, and m Ibe long-teim strength of toe - - - -- •
in the UK proprietary medicine I until January 54. ■ "j • ,
maffcet -' *
smaU company wifo a big name I ptent, —
weU taiown both in Britain and | space for more^egotiat^b? ’^Ir^new^S^ 01
-to— “““• Yesterday’s meeting .derided , rontbHS 6 ^
Du
sh..r- : ■
elsewhere.
“ Our plans for the future of
Optrex may be characterised as
with a big name," he said.
\ ■
•jc2So.>v3yiL *1
V
.r I \ w'-;
s Saturday Jaaraaiy 16 1982
m
IN THE MARKETS
in bank shares
na)
^ ^IKp^ giats'he:
iQp V rfiRR fin,
week^for -
['<frui 8 .es: VSigos ••
ei^Reservewas -
se to r lhe -rapid growth, ih '
W-B agfcjfcsate- helped to
ess sterling; 'which 1 dosed '
kfrdajr iev^mog. -at ; around
B85-+* 7 drop. of 5 - cents, on
LONDON
;. ONLOOKER’
EDirop.
it
•t giits held [fairly steady.
CGBR figures early in the
r received i : .!. favourable !
wise and the market -was
discounted and yesterday’s
retail price, index -figures/ show*'
ing a growth of.. o.$ per cent in
December, wens . moderately
encouraging.
> 52 ^*^£sm£KE
X" v -as snar ^*: J.. . :: •"/■ •; welnung. Certainly the offer for
^ as v+ i*W *I ul g maifcet closed the Sroda’s deferred shares is a
naiio-., ' wrainary, ana Burmafi has
n*. 3* «#aii remain jnde- . moved up from 37p to 4$p.
s n VJ‘-' 2 " ri ra;- indent and there -was precious .
V..: 1 -. later to give encourage- - *L ^ s J ecent
i E>Ga - v aL 0 ® fet. Baca! - interim figures performance the bid looks not
~'?r disappoihtizig'aziff’tize prin- but the chemical
E aj^lje response to Thopn-EMTs »■ turning and recen t
kiiaa 'Wims- was relief it the market experience— the RTZ
W» «or Ward., for' example,-
{f . . . . . us points to -a high level of bid
i„ ‘ . : r, ‘ vn^ Jut some voices in the market premiums for manufacturing
- ,; r L fc .e .that this yesu's companies. The present offer
. J furionT^tfits upturn itf the manufac- values Croda. at nearly £80m.
Ci ^\bag. -sector has not been fully and. If unsuccessful, it would
..." . ■ '
Upmarket highlights of the week
■ —
ei< 3-- ' Pri “ ’ 1981-8* 1981-82
lu t c -* . : /’day on week High ' Low
....... L ' e ^ : hid. Orit Ind ex - 521.8 . t 02 ,• 5973 4464
wrims was relief at the
^nce of a rights Issue.
Jut some voices in the market
a further £30m of debt into
Burma h’s balance-sheet, which
is. already fairly stretched:
■ Burmah had £85m of liquid
assets in its December 1980
balance sheet. It now intends
to sell Automotive Components
subsidiary. Quinton Hazell—
perhaps for £30m-£35m, and ft
has released £30m from working
capital through the closure of
the Ellesmere Port refinery.
•But there is a hefty bill for
redundancies at Ellesmere Port,
and Burraah’s total debt at the
end of November 1981 was
£S30m. This is rather above its
tangible equity of £300m or so,
a figure which conies down by
£50m if the group’s tankers are
put in the balance sheet at their
market values.
Burmah has made a remark-
able recovery from its 1974
crash. . which must have
impressed unforgettably on its
management the dangers of an
overgeared balance sheet The
bid may be well timed in market
terms, and Crbda might prove
an excellent acquisition. But
from Burmah's point of view an
expansion on this scale looks
distinctly premature.
Modem squeeze
Sir Ernest Harrison, chairman
of Racal. was rather more sub-
dued at this week's presentation
of the company's interim figures
-"’- v Gold Mine* index .
.... __ red. Colokfa -T'*
v _ ..^ .""^ ibAineriQnfiotd • ~
• : ir .' .. 7 \oc. Communications A.
..rv%- .- ^T^ tfc of Scotland • ...
- • '■ 'lonial Securities
• w - ^
. r i ?endt (Thomas) . !
~ : -pa la Pfadnimi " '
Stroud ; ' ■■
1. .. ■ inning Motor; ' \
t f •- . l : ^ V odon Shop Prop. : .
\ ; - ; r:. . r. - ^dham Brewery
l f. . 'V'"j ::r:7 pal Elec. ,
' '^ hfcs Hovis KcDoupdF
• .• _ ... 2 ._
■ . ;: j' >yal Bank of Scotland
' ' -' l an Data . :
- ;..L , anelco -
Change
on week
4- 0 3
" 4*243 ’ .
+21
- S
+15 '
+48
+16 .
+T3
+20
■ —’15 . ;
+ 13
- 8 : .
-28
• +82 - .
-43 ,
■ + 5 ■
-18
-68
-25
—20
1981-8*
High
5973
4294
161
£51j
a .
548
68 .
f 95
130
455
87
m
140
15S -
485
71 .
633
202
230 -
90
1981-82
Low
4464
2824
98
£34j
39
285
43
m
88
285
Atten tion on sit uation stocks
Gold hits 26-month low
Excellent int erim results
Gold hits 28-mo nth low
Australian Bell Group bid '
Fading bid hop es
Bid from Utd. Newspapers'
Bid hopes
Satisfactory, annual figu res
Weak precious metals
tot figs, above expectations
Disappo intin g results
Bid for Beaumont unconditio nal
Agreed bid from Boddingtons
Interim statement
Takeover hopes'
Metal prices under pressure
Monopolies Com- veto bids'
.Persistent selling
Profits warning
bring back ihe sparkle
DOCkfftfi^ ^£££-,5 of the
riMO/so nniw aE “ ODti for 1981
Pc tile pnifbm -De -Beers’ Central Selling
. -ganisatioa deznonsH-ated that
ilT Snilfnafe of the sparkle has gone
ai u diamond market
2.- 3-j-s c-i-.ii=?B^CSO. which handles the
.. .. ^SHig of some four-fifths of
. . — ;”^p^oduction of rough (nn-
- '.''.^-stones, reveated that full-
were ?L47bn
• • r -riZ8&h>, a fall of 46 per cent
-- "3 : . 1980’s "record figure of
•- ...
JWhat;is worse, the figure of
• • • ■^.'Slitt fw .the second half of
■- •. ■; is. a significant decline.
. r . --^inst the firsbhalf, and repre-
: - ■: --mts the third six-monthly fall
’ .• ■ L 7 a row.
• - • *‘ : r : The dedSne reflects weak
-'•anaaid,: brought about by the
. " v: ■ ^bination of the poor world
^ondihit : situation and an-
-ready overstocked retail pipe-
m: - Nevertheless, the CSO is
: a vxupdrted -to buy aH of the out-
. . V +r-ot of De Beer’s own mines in
’ J’oatii Africa and Namibia, phis
' ' - ' guaranteed, minimum from the
. - ."irious outside producers.
■.r'.'y. Thus the - group's stocks,
r.lv.-'aown in the De Beers accounts
" w 1380 at R698m (£384m),
^-•k just by^iow be at record levels,
: ^Ijjriiaps : around the- B135bn
l ".,tarfc • /
. _ „• :?<“ It must 'be pointed out. now-
that diamond stocks are
. -'-.Cjown at tlieir cost to De Beers.
’ ' . - -.r: rhd v will .fetch ; consideraWy
- • •:“> Core when, they . are sola
....iuaMzgh' the.CSO. 1 .
.... -jrr : /Tbe figure .. for- stocks, is
• . N-'"Jcdy to be the orriy real piece
■ | good news to come from I>e
;V-: J-' Peers' in respect of last year, as.
• • !?ie groN>’s profits, due to be
anno unced ■in March, must have
taken quite a hammering.
Apart from the poor perform-
ance by 1 diamonds, r De Beers’
other ' mainstay. . the gold
interests, had a hard time last
year '.in comparison with 'tile
buoyant I980L
Neverthrfess. the 1 group’s
dividend looks perfectly safe,
MINING
GEORGE MtUiNG-STANLET
in spite of the. expected fall in
profits. De Beers, paid a tot&L of
7a cents a share in 19S0, and
while there is scant prospeqt
of an increase, the market ex-
pects this. figure to be matched.
It would,, indeed, be an
enormous shock if the group
did anything else. There are two
nnalteraWe precepts in the'
world diamond business; that
the CSO never cut the price of
its rough, and D® ; Beers never
cuts its dividend. '
The group’s cash position is
likely to look comparatively
unhealthy when balance sheet
figures become available, but
this should, not give rise to
and undue concent.- •
Among' the tilings Mr Harry
Oppenbeimer, chairman of De
Beers, inherited from his father
Sir Ernest was -ah abiding love
for the diamond business, and
a firm commitment to the
group’s ■ position, of - pre-
eminence in that business.
NEW ! The White-Hot-Line to
In addition to h5s chadrman-
sfrrip of De Beers, Mr Oppen-
hekner is also chairman of
Anglo American Corporation of
Sooth Africa. If ever they were
needed— end De Beers is still
a long way from the breadline
^-aH the mighty resources of
the Anglo group could be put
at the serrece of the diamond
company.
'.In any case, the CSO has
simply been carrying out the
mission for which Sir Ernest
Oppenbeimer set it up in toe
1930s. that of . supporting the
industry • worldwide through
periods of lean demand.
He intended the - organisation
to have sufficient financial
muscle to stockpile diamonds
whenever Thai became neces-
sary, and when the, upturn in
demand eventually arrives. De
Beers* present stocks will pro-
vide rich pickings indeed.
.■ But what is De Beers doing
to tty to put a bit of spa ride
back into toe depressed market?
In toe first place. 'the group has
reduced, production at its own
mines by about 5 per cent,
through toe closure of one of
toe four treatment plants at
Consolidated Diamond Mines in
Namibia and -of the new plant
at Tweepad, on the Namaqua-
land coast - of South Africa's
North Wesr.Cape.
A second step has Invoked
a certain amount of rethinking
by toe CSQ on toe contents of
the boxes -presented to each of
the .organisation’s 300 or so
sighth alders, who are invited
.to London *to purchase rough.
Essentially, toe CSO’s sorters
are including . more ' easily
saleable goods in their clients'
allocations, which means that
toe proportion of smaller stones
is higher. This will have the
effect of raising the numbs*, of
bigger stones, of one carat and
above, hetd in stock by De
Beers.
In an effort to boost demand
for these stones, the company is
allocating 3 bigger share of this
year's advertising budget to the
larger gems. De Beers spent
something like Jim a week on
advertising diamonds last year,
and the budget for tbe whoie of
1982 has been increased to
970m..*.
These last two moves are part
of a gentle campaign De Beers
is mounting in an attempt to
draw demand gradually further
up-market.
At present, the only area of
demand in. the diamond mar-
ket which could be said to be
doing really weH is that for
goods from the Indian cutting
centre of Bombay.
These stones are the smallest
in the gem category, and Those
requiring a minimum of "manu-
facture,” cleaving, sawing and
so on. This helps to keep costs,
and thus prices, down as do the
low wages paid to Ihe local
craftsmen, usually around $40
to $50 a month.
De Beers hopes gradually to
revitalise toe Israeli cutting
industry, wbi-ch uses stones of
the next size’ up from India,
and thereafter Belgium, and
finally New York, wWch handles
toe biggest stones.
■ There has, in addition, been
a perceptible shift in De Beers’
attitude to the so-ca-Hed invest-
ment diamond market.
The group now seems to be
taking toe riew toat there could
be a place for »■ market in
investment stones, provided that
it accounts for a relatively low
proportion of the world market
for gemstones. A level of per-
haps 15 nr 16 per cent wouM
probably be regarded as toler-
able. . .
(.. otoer -special. w ^Har investment, Swiss frane bomis,
ascy tttbrrt on ^ mat«« as co ^ ^ rf w%
silver options an? _j2JL „ p,w Investor's Letter, the weekly
1 -ASSESS Sijyjn bring PHI- all this - arid
more. PIL *s avau aD '® _ . « you wish to join the
subscribers fpeciai'skuations 1 While they're
r select front-runners in piricmg.on t g trjaL offER nawi if
, still specwL six 1SSU& of PIL before deciding whecher .
^1':!
■r' investor’s Letter. - . • J I
■ 'J |
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Name-
Address.,
1 O^^Toi-4M mS P4 hr. answering)
' p-JL Investor’s Letter. DeptJPB.I3.GpWenSq ^London W
DIAMONDS
RACAL
Electronic puzzle
than on similar occasions in the
past. And iT is likely that ihe
reason was a trouble-spot in one
of toe original Racal divisions,
data communications.
The company seems to be
more Or less on target in turn-
ing Decca round, by £lO}m into
profits of £5.3m. Bur this
accounts for virtually all the
45 per cent jump in ihe com-
pany's pre-tax profits. The
original Racal businesses man-
aged to put on an increase of a
mere 4 per cent.
The problem area has been
in that barely publicised
market for devices called
. modems. These allow computer
information to be transmitted
down toe telephone network,
and Racal has a strong supplier
position in what has been a
rapidly growing area. But last
year was marked by an out-
break of price competition as
companies like Paradyne and
Codex attacked Ratal's market
share.
So. eves Chough volume In
modems rose by 24 per cent,
profits here have fallen by £5m
to about FT. 5m. it has taken
a profit rise of 30 per cent in
radio communications to keep
the original Racal businesses
moving ahead — a resuit helped
by renewed tension in tbe
Middle Easr,
Even though the marine
radar business is still in loss,
toe old Decca capital goods divi-
sion is enjoying a rising export
trend, so this part of the com-
pany should produce £I2m this
year against a loss of £21 m.
But while toe company has
been working hard to limit the
damage in the modem market,
is is likely to remain a difficult
area for some time.
So there is now something of
a question mark over Racel’s
ability to make £100m this year,
something that toe market had
regarded as a certainty before
the figures. The shares reacted
this -week by shedding nearly
10 per cent of their. value.
Cliff sparks Thorn
Despite very strong rumours of
a -big slab of equity financing,
Thorn EMI’s interim figures
nude no mention of a rights
issue. Instead they were in line
with the market's best
estimates.
While the funding rumours
remain in tbe background,
particularly now that the video
rental effort is demanding a
very high depreciation charge,
Thorn EMI is growing strongly
in overseas markets and is main-
taining . UK profits despite
shake nice
/*Mvt to die F.TrAdaanesAR-Share Axfex
1980
difficult trading conditions.
The story of Thom EMI in
much of the two years since
the big merger with EMI has
been a rejuvenation of ihe UK
rental market, in the wake of
the Video Cassette Recorder
boom, and tbe benefits of post-
acquisition rationalisation.
The VCR boom is tomorrow’s
profit, given the front end
depreciation loading required
of a rental operation. Today's
picture shows a £64.Sm depre-
ciation charge against £4?3m.
Yet profits climbed 17 per
cent to £45.5m and much of the
upturn stems from recovery in
some of the hitherto struggling
divisions. Television manufac-
ture, for example, is respond-
ing to the popularity of toe TX
range of receivers and the
group talks of full factory
ladings and improved profit-
ability from a break even
position.
year, but the abortive take-over
bid has nevertheless contributed
almost all tbe improvement in
Berisford's profits for tbe year
to September. After equity
accounting, the 40 per cent
stake in BSC chipped in £3.7m
out of an overall £4. 6m im-
provement to £40. 7m
The volatile sugar market
enabled Berisford almost to
maintain its basic commodity
earnings but. for the fourth suc-
cessive year, Berisford has
reported a very modest improve-
ment in profits. The company's
answer is apparently to diver-
sify away from trading activi-
ties into busineses which absorb
more fixed capital. Berisford
says it has no intention of merg-
ing with Unigate, as reported
elsewhere earlier this week, but
a full offer for British Sugar is
still in the air aud the com-
pany has recently built a steel
pipe plant in tbe U.S..
And EMI’s music business has
been a key factor behind the
halftime advance. The strength
of its artists’ list, combined
with a unified promotion effort
which has launched established
singers like Cliff Richard into
new markets, compensated for
a series of movie Sops.
But some of Thom's original
operations are still struggling
despite rationalisation. It is
sobering to note that the group
has shed 22,000 jobs since the
merger— of which some 6,000
relate to disposal.
Yet lighting and engineering
are still making heavy weather
of UK trading. (Lighting is- suf-
fering a dearth of orders and
demand in industrial boilers,
electrical components and
instruments has kept the
engineering division in loss. The
incidence of heavy exceptional
charges may not be over.
Berisford diversifies
S. and W. Berisford may.be
lamenting its failure to gain
control of British Sugar last
year, but the abortive takeover
bid has nevertheless contributed
almost all the improvement in
Berisford’s profits for the year
to September. After equity
accounting, the 40 per cent stake
in BSC chipped in £3.7m out of
art overall £4.6m improvement
to I40.7m at the pre-tax level.
The volatile sugar market
enabled Berisford almost to
maintain its basic commodity
earnings but. for the fourth
successive year, Berisford has
reported a very modest improve-
ment in profits. The company’s
answer is apparently to diversify
away from trading activities into
businesses which absorb more
fixed capital. Berisford says it
has no intention of merging
with Unigate, as reported else-
where earlier this week, but a
full offer for British Sugar is
still in the air and the company l
has recently built a steel pipe j
plant in toe UB.
NEW YORK
DAVID LASCEUES
OLD FAMILIAR fears about
interest rates, recession and
profits put the skids under
share prices again this week.
Prices losses were broad —
broader than suggested by the
Dow Junes Industrial Average
— and trading was quite busy at
times.
The Dow’s slight resilience
was due partly to the feeling
toat the recovery, when it
comes, will benefit toe blue chip
uocks. It owed most to the
week’s biggest industrial -news:
the ending of the anti-trust
suits against American Tele-
phone and Telegraph and IBM,
both are components of the
Dow industrials, and the two
most widely held stocks on toe
Big Board. Their shares were
heavily traded all week, and
though they failed to show toe
dramatic a®> ns ttiat so Qie
analysts had predicted they
held their ground amid the
mass retreat and acted as a
sheet anchor for the Dow.
The settlement of the
AT and T suit will strip toe
giant utility of its 22 operating
companies — most of them
humdrum local exchanges.
albeTt big ones — and leave it
with its high technology data
transmission and profitable
long distance business. So even
though AT and T will shrink
dramatically in size, it wilt
become a leaner, more
glamorous stock, and probably
more volatile too.
Such was toe rush of buy
orders when toe marker opened
on Monday that trading had to
•be hailed for several hours
while sellers were matched
with buyers. Though it was
heavily traded all week, it
failed to hold its ground and
had slipped to 592 yesterday
morning. A last-minute legal
snag hurt. Once the euphoria
subsided, investors also realised
that the “ new ” AT and T could
take years to evolve. The
precise terms of the divestiture
are bound to influence the way
AT and T trades as' they leak
out in toe months ahead.
The IBM anti-trust case was
abandoned, not settled, so the
company remains unchanged,
but free of toe huge legal costs
and hassle of toe long-running
court battle. Like AT and T,
after an initial two point burst
which took it up to 585, it also
fell back a bit later. In neither
case, though, did the surge
bring AT and T or IBM dose
to their 52-week highs, a sign
of how far toe market has fallen
since its peak last summer.
The direct impact on AT and .
T and IBM was only half the
story, though. Just as much
speculation surrounded compe-
titors in the data processing and
transmission businesses into
which toe newly-freed giants
can now wade.
In the long-distanee telephone '
business. General Telephone
and Electronics, the largest
independent, slipped three
dollars over the week to around
29i. Western Union lost ten
per cent. of its value (down 3*
to 305) on Monday. The impact
on bigger conglomerates like
ITT and Southern Pacific which
own lung distance telephone
systems was harder to measure.
But the shock was MCI. one of
the most aggressive new long
distance companies which fell f
by more than 20 per cent, .
though it had recovered some
of toat by toe end of the week*
MCI is one of the smallest >
newcomers to toe field, but it *.
has shown a scrappy tempera-
ment, and was one of the com-
panies that challenged AT and
T’s monopoly in the courts— :
and won. ;
The market's early reading of *
both these cases was of giants r
trampling competition. In fact, ;
part of the AT and T deal
allows telephone equipment r
manufacturers greater freedom f
to supply the AT and T “Bell” [
system, challenging AT and T S ’«
captive manufacturer. Western
Electric. So GTE, ITT. and [
smaller companies like Mitel •
and Northern Telecom of :
Canada should be able to fight S
their -way into bigger markets ,
and end up gainers rather than
losers.
The IBM settlement also hit .
the large “mainframe" com- >
purer companies who will now ;
be the object of its undivided :
competitive attention. In the t
immediate aftermath of the ;
announcement. HoneywelL Bur- 1
roughs. NCR, Sperry and Digital .
Equipment were all losers, ■
though some analysts felt the '=
reaction had been overdone. \
The other big news the mar- _ *
ket had to digest was the '>
prospect of a breakthrough in
auto wage costs in Detroit. .
MONDAY 858.48 . 1647
TUESDAY 847.70 2.76 ’
WEDNESDAY 838.95 — 8JS ' j
THURSDAY 84238 + 333 ■
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FTD
Financial Times. Saturday January . 16
YOUR SAVINGS AND INVESTMENTS
Holidays and whereto gp
Financial Times writers range from African sun to the Golden Mile
Travellers’ Tij
BY ARTHUR SANDIES
Finding the ace in the pack of cards
PLASTIC CREDIT cards may be
the most valuable item you take
abroad. They offer you the
cheapest way to pay bills over-
seas.
Credit cards have three main
advantages over travellers
cheques and cash. First,
customers are not charged any
commission on the currency
swop. Second, the rate at which
sterling is converted into
foreign currency is more favour-
able than that available to
tourists at banks or bureaux de
change. Third, you do not have
to settle your bills for several
weeks, sometimes even several
months.
The only drawback is the risk
of the exchange rate moving
against you between the date
of purchase and the ' day the
transaction is processed by the
credit card company. The
maximum period of free credit
for purchases made in the UK
is usually 50 days but up to
four months free credit is not
unusual on foreign sales.
The credit card companies
say the extended period of free
credit on overseas transactions
tends tq balance out the
vagaries of the foreign
exchange market.. Anyone who
feels hard done by is best
advised to contact the credit
company direct.
So-called debit cards are also
useful on holiday. Debit cards
unlike credit cards do not offer
holders extended credit They
are used merely to pay bills
and customers receive a
monthly statement which
should be settled in full
straight away. The advantage
of these cards, which include
American Express, is that there
is usually no defined spending
limit
Generally speaking credit
cards reign supreme in the U.S.
and Canada. The only problem
may be one of checking your
creditworthiness as the ^time
difference betwen the UK and
the US. may make access to the
British computer difficult at cer-
tain times in the day.
American Express card
holders who indulge in a spend-
ing spree in the U.S. may find
thev are asked for proof of
their identity. This is because
any radical shift in the card
holders spending pattern trig-
gers off the suspicion the card
has been stolen.
While credit cards are very
useful in North America, they
are less acceptable elsewhere.'
Most hotels in the European
capitals and the main shops
will take credit cards, but in
the countryside they may be
unusable.'
If you don't, want to risk
touring around . with great
wadges of cash, travellers’
cheques may be useful. Dollar
or sterling ’travellers’ cheques
are acceptable in most parts of
the world. It is good idea to
check before departure which is
the best currency to choose.
The problem with travellers’
cheques is that you tie up a
large sum of cash, get relatively
poor foreign exchange rates and
pay 1 per cent commission. On
the other hand, the cheques are
convenient to carry and can be
particularly useful in the U.S.
where they can be used virtually
as cash.
Most travellers’ cheques have
the added advantage that in
case of loss the customer can
get an automatic refund. In
many cases the system works
well, although there may be a
few delays in isolated sunspots.
It is worth checking, that the
brand of travellers' cheques you
plan to buy operates a refund
scheme. Some issued by foreign
banks may not.
Account holders at the Giro-
bank who have cheque guaran-
tee cards can get books of 10
postcheques. These books are
supplied £sge, and-J.t. is best to
order them about 10 days before
departure.
Tbe postcheques can be used
in 80,000 po$t offices in 28
countries. The majority of the
"post offices' are' in Europe' but
others are as far afield as
Morocco. Tunisia, Israel and
Japan. Negotiations are under-
way to expand the service to
include North America.
■ The system is quite simple.
„ Holders of postcheques fill out
" the amount of foreign currency
required add get the money.
There is a limit of two post-
cheques per day of £50 each.
As with credit cards, the
exchange rate applicable is tbe
one ruling at the date the trans-
action is processed not the day
the cash was obtained.
No charges are made at the
• time of the transaction hut a
50p charge is levied in the UK.
■ As the Girobank does not give
its customers overdraft facili-
ties. you have to be careful not
to spend more money than is
in your account.
Girobank claims the system is
quicker than cashing a
travellers cheque and gives the
customers more flexibility, as
■post offices arc open longer
hours than banks. Before you
leave it is worth finding out
how many post offices in the
country you plan to visit will
accept' postcheques. . .
The system ' may be paru cu
larly useful for those touring
through Europe who might
otherwise have to take travellers
cheques in a mixture of curren-
cies. .
Travellers to Europe and the
Mediterranean would do well to
pack their chequebook and cash
■guarantee card. Anyone bank-
ing with Barclays needs to apply
two weeks in advance for a
Eurocheque Encashment card.
Armed with these pieces of
plastic travellers can cash
cheques in 15,000 Eurocheque
banks in 39 countries. The
banks which are part of this
Eurocheque scheme will display
the symbol EC. These two
letters are also to be found on
the cheque guarantee cards
from the clearer®, except for
Barclays.
The scheme includes Eastern
Europe, with the exception of
East Germany, and most
countries bordering the
Mediterranean. The equivalent
of £100 in local currency can be
obtained in one day. The
cheque is written in ■ sterling,
a charge equivalent to about
The parable of Murphy’s Law
IF THINGS can go wrong. They
will go wrong. That's Murphy’s
Law according to the U.S. army.
Fortunately, this does not hap-
pen to the majority of holiday-
makers, but when things do not
turn out as planned, a holiday
can become a nightmare. Then,
adequate insurance can help.
Take the fable of Sid Hashard
and Bill Misshapp and their
families who are holidaying to-
gether oh the Continent. They
were to be joined by Fred
Lucies and bis family, but Fred
ha'd to pull out because his
mother was taken 111. Since
Fred’s holiday insurance in-
cluded cancellation cover, the
insurance money reimbursed
him for the money already
spent arranging the holiday.
Sid, who will not be parted
from bis car. intends to drive
to the holiday villa, while
Bill, who is scared stiff of driv-
ing on the -wrong side of the
road, is flying with his family.
Sid arrives at Dover only to
find that action by French fish-
ermen have stopped all ferry
sailings. Sid, however, has taken
out the Automobile Association
5-Star Motoring insurance. This
pays £15 per day per person for .
delays, so Sid can put up in an
hotel instead of sleeping in his
car. The matter is resolved and
Sid manages to cross the Chan-,
nel 24 hours late.
In, an effort' to make up for.
lost time, Sid goes flat out along
the French roads. But stopping,
for lunch, he finds that the
cases on the roof rack have
gone. He had neglected to
secure them tightly -
His insurance will pay up to
£600 per person for lost
baggage, but he will not be able
to claim until he returns to the
UK and he will .need to read
the small rrint to see the limi-
tations on individual articles.
However, he manages to reach
his destination without any
further problems and buys the
essentials to replace the lost
items. . ,
Meanwhile. Bill, arriving at
the airport for his flight, finds
that all flights are cancelled
because of .industrial action by
air traffic controllers. Bill has
taken out Travelsurance from
J. Perry and Company (Holiday
Insurances), a specialist travel
insurance company.
Cost of a freehold
No refer? responsibility con b«
accepted by the Financial Times
for the answers given in these
columns. All inquiries will be
answered by post as soon as
possible.
Could you please advise me if
the terms of the Lands
Tribunal decision in January
1972. giving 10 times the annual
ground rent as the fair price
regarding purchase of a
freehold under the Leasehold
Reform Act is still the rule
and not exception ?
The principle is still applicable
for the lower rateable value
properties where the residue
unexpired is of the order of
that which obtained in . the
Bevan-Thomas case (75 years
or more) although the multi-
plier will not necessarily be 10
years' purchase in present
market conditions. However,
for leases with less of a residue
to run different and far more
. complex methods of valuation
may have to be applied.
FINANCE AND
THE FAMILY
BY OUR LEGAL STAFF
CGT or CTT
Under the heading **CGT or
CTT" (November 28) you .
intimate that there will be
charges to both CGT and CTT
when a life tenant dies.
1 am somewhat puzzled by this
assertion because surely
under the 1979 act, section 56,
it states that “ the notional
gain on the death of the life
tenant is ‘ not ' chargeable."
I am also puzzled by what you
mean by a u division made
on an actuarial basis.” -
Surely if you divide something,
ie, 300 shares into a number of
parts, then you divide them.
What has the word actuarial to
do with it?
Our reply was directed to the
position where the -beneficiaries
agreed to make an equal divi-
sion sc before the death of the
life tenant In that event an
equal division rather than divi-
sion on an actuarial basis would
be disadvantageous in terms of
Capital Transfer Tax. We
agree that where the trust is
simply worked out there would
be no charge to Capital Gains
Tax on the life tenant’s death
but a charge to Capital Trans-
fer Tax would arise (unless
Estate Duty had been paid). No
charge to either Tax would
arise on the distribution to the
remaindermen per se.
supply and installation of
locks in isolation cannot be
regarded as an alteration.”
Do you stand by your previous
reply and if so what action
do you suggest ? -
The advice given in our reply of
May 23 was that there might be
some difficulty in reclaiming
VAT in the circumstances men-
tioned. This is shown to be
correct in view of the terms of
letter from the Customs and
Excise. We believe that the
work done to your property does
amount to an alteration. How-
ever we must point out that
VAT tribunals have accepted the
Customs view that for an altera-
tion to be accepted for zero
rating it must be substantial in
relation to the building as a
whole. On that basis your
expenditure might not qualify.
If you wish to take the matter
further you could appeal to a
VAT tribunal which is a body
independent of the ■ Customs.
You can obtain a leaflet setting
out the procedure from your
local VAT office.
Unmarried
couples
VAT and locks
on windows
At the behest of my insurers I
have just had to spend £247 on
Installing additional door and
window locks to my house and
In view, of your reply under
VAT and locks on windows on
May 23 last 1 suggested to
the contractors that their
accounts should be zero rated
for VAT purposes. They
took up the matter with the
Customs .who wrote:
“The-suppHy and mstalianon-
of locks to windows or doors is
a standard rated supply. The _
My girlfriend and I will be
purchasing a house jointly and
will require a mortgage of
ahout £35,000. As we are
taxed separately and will be
sharing the cost of the
mortgage, are we each entitled
to claim relief on our respective
halves of the loans. Despite
the fact that we are considering
a loan of over £25,000, are
we not entitled to our own
exclusive allowance of £25,^00
each for tax relief purposes ?
. T have spoken to many
accountants and bpQding _
societies on this and the view
is mixed but everyone expresses
concern about how this would
be presented to tbe Revenue.
The law is quite clear on this
point (although it is not made
dear in the Inland Revenue s
free booklet IR11, unfor-
tunately)- It is puzzling that
none of the professionals whom
you consulted seems to have
■ looked at subparagrah 3 of para-
graph 5 of schedule 1 to the
Finance Act 1974, as amended.
(3) “Where a loan on which
Interest is payable by the
borrower' was made jointly
to the borrower and another
person', not being the bor-
rower's husband or wife,
then, if—
. (a) the. land, caravan or
house-boat concerned is
used as the main or only
residence of that other per-
son. or of a dependant rela-
tive or former relative or
separated spouse of his, and
(b) that other- person owns
an estate or interest in the
' land or the property in . the
caravan or -house-boat, and
ic) that other person pays
part of the interest payable
on the loan, or if that other
person falls within para-
graphs (b) and (c) above
and is by virtue of para-
graph 4A above entitled to
claim relief under section
75 of the Finance Act 1972
in respect of that part of
the interest. The amount
. * on which interest . is pay-
able under the loan shall
be treated for the purposes
of this paragraph as being
such part only of that
amount as bears to the
whole there of the same
proportion as- the amount of
interest paid by the -bor-
rower bears to the whole of
the interest paid on the
loan.” •
You certainly understand the
law better than the profes-
sionals. Their “ concern about
how this would presented to the
Revenue” is misplaced: Parlia-
ment and the courts have long
understood that many couples
find the legal technicalities of
marriage morally unaceptablc.
It may be, of course, that
marriage will eventually lose
much of its traditional taxation
significance.
uncertain within a foot or so,
but is it likely that I own
the land under ray eaves?
It is unlikely that you own the
land under your eaves. The
outer, face of your wall is the
more likely boundary. There is
a technical trespass if the
neighbouring structure touches
your . wall, but probably no
damage is caused by that. You
might possibly have a cause of
action in nuisance if you could
establish that the structure
causes damp to penetrate your
.wall; and. in that case, you could
seek an injunction to abate the
nuisance.
Non-conforming
land use
Danger of damp
to a wall
One-wall of my house stands
on th(| boundary oF my property.
Without my permission my
neighbour has built a temporary
structure (which does not
require planning permission)
under my eaves, with the roof
sloping towards my bouse. The
structure touches my wall but
is not actually fixed to it.
IE the gutters on my house
overflow or leak for any reason
(as they are bound to do from
time to time) or if there is
dripping from my eaves during
a thaw or stormy weather, the
water falls onto the roar of my
neighbour’s building and
splashes onto my wall, causing
serious penetrating damp. If his
structure were not there, any
drips would fall to the ground
and splash harmlessly against
a concrete plinth at the base
of the wall
My local council tell me that
my neighbour’s building docs
not contravene any regulations.
Do I have the right to require
him to remove or alter his
structure to avoid the damage
* to my properly? The exaet
: location of -the boundary is. -; —
In your issue or December 5
under Caravan site licence you
referred to a planning case .
of June 12 1981, viz: BALCO
TRANSPORT SERVICES v
SECRETARY OF STATE. This
concerned reversion to a former
use of land used in liife' instance
as a caravan site. Conld you
send me the background details
of tbis case as I feci it may he
of some significance in regard
to landowners’ rights to revert
to a former use after being
used for another use entirely ?
I have in mind particularly
an. "existing but non-rimforming
use” which is discontinued
but which a landowner wishes
io-rcvlve at a later dale. Does
this case cover this point? If
not what doe® this case
cover?
The case is not yet fully
reported. You can find a report
in The Times newspaper of
June 15 1981. The case covers
your point if. the non-conform-
ing use had become an
established use. before 1964.
An executor’s
remuneration
SwFr2.5 is levied and the
appropriate exchange rate
applied. • • '
One big plus re that no
special effort is required oh the
part of the traveller short of
remembering to pack ; a cheque-
book. As so many European
banks are part of the
Eurocheque scheme, it is wise
to shop around to make sure
you get .the .. best foreign
exchange rate.
With the abolition of foreign
exchange controls, getting
money out of the country is no
longer a problem. Travellers
with an ample supply of
cheques and credit cards will
have no difficulty in running up
sizable debts. Do remember
that, long after the sun has set
on the last day of your holiday,
you will be faced with a pile of
-unpaid bills
The best .■ strategy is .to
allocate a particular amount of
spending money and give
yourself some room to
manoeuvre in case of i
emergency. You may want the
holiday -of as lifetime— -but you
don’t want to be paying the
price far years to come.
1— Get weekend ami -.•local: contact numbers for
yonr insnrancc company- • • • V ' :
Carry a “panic” noted*, negotiable atttency as
a reserve — SwFr 100 * or $50 can Infr a cheap
room and meal if you are stranded. .
3 Have a loaded camera available in me car— -a
picture may prove it was theothfer gnyo fault.
4_MaJce ;sure everyone, knows where tire tickets -
. and insurance papers are> It may-be you. who .
has the Heart attack. . ■ - * - . ."V ^ : * •
tz a. big tip for the bag-carrier on arrival could
mean days o{ good, serviefebeforo they discover
you are a penny pinch er. « V
6— Handbags are the most easily, robbed,: money
belts the most difficult.. 'Butbuy cotton rather
* ’ !• than plastic, or you’ll sweat-. .. • >■ • l__
. 7_~if you are plaimifig cheap, shopping, check ufv
discount prices, particularly for. cameras and
' electronics, before; you go. - . ,
8 — Buy VciUr guidebooks before you go— we reckon
pocket Berlitz has the most consistent standards.
q Never shout at customis orimmigration officials, .
1 telephonists or taxi drivers,. You oeed them
more than they need you, and they Krtow it. . ■
i Q— Always, do business in your own. language, rjt
k better to understate your linguistic abUity
than risk misunderstandings: - i ; • ;?■ ■* .
A share
in the
... .Rosemary. Burr
This policy pays up to £20
per person, per day for delays
exceeding 12 hours. So Bill and
his family can wait in the
comfort of an hotel rather than
the airport lounge. After a
36-hour delay, the flights are
resumed.
Bill arrives at his airport
destination, but his luggage dis-
appears in the confusion. His
policy pays up to £500 per per-
son for loss of baggage. Fortun-
ately, at turns up two days
later. But Bill has had to buy
certain items ip the meantime.
The policy pays up to £50 for
baggage delayed in transit for
more than 24 hours.
Sid. Bill and their families
settle down' to enjoy their holi-
day, driving round in Sid’s car
— a vintage Riley. All goes well
for a couple of days when the
car breaks down.
The "Big End" has gone and
the local garage cannot provide
a replacement. The AA 5 Star
provides up to £200 to cover the
cost of arranging to locate the
nearest stockists holding that
part and transporting it to the
holiday resort
The next day, Bill receives an
urgent message from his secre-
tary.' His business partner has
fallen seriously ill and Bill is
needed back at his business.
The Travelsurance policy re-
imburses the costs of Bill
making an emergency flight
back to the UK, including an
overnight stop in Paris. The rest
of liis family continue the holi-
day as planned. But now fate
really bits the' holiday.
On the final day of the holi-
day Sid's young son and Bill's
■ young daughter • both get
seriously injured. The families
wait anxiously by the bedsides
in thelocal -hospital until the
children recover consciousness.
The holiday has to be extended
until the children are' suffici-
ently recovered to be repatri-
ated by air ambulance to a
hospital in the UK.
The AA 5-Star and Perry
Travelsurance, pay the hospital
bills, . the doctors and other
medical fees, the extra accomo-
dation costs and ' repatriation.
costs and all other expenses up.
to £20,000 for the AA and
£25,000 for Perry. :
While the wives' travel with
.the boys, Sid sets off on 'the
journey home with the rest' of
the family. And fate strikes
again. He gets involved in an
accident and while fortunately
no one suffers more than shock
and bruises, the car is .badly
damaged. Now Sid has had 1
enough— he wants to get back
to the UK with the family as>
soon as he can.
He arranges to go. by train to
the nearest airport and fly back
with the family, leaving the car
behind to be repaired: ■
Sid’s motor insurance with
the Green card, will pay for the
repairs. The AA 5 Star will pay
for the accommodation and tbe
alternative transport expenses,,
plus the cost of -chauffeuring the
repaired *:ar back to the UK.-
But each insurance contract
provides much more than
simply meeting the cost of each
successive disaster.' When
trouble occurrs, the first need
is to know what to do to get
help. The Perry Travelsurance
indudes the Perry International
Rescue service. -
Bill simply had to telephone
the service in London to be
given complete guidance as to
how to deal with each emer-
gency. Sid simply had to phone
the AA Continental- Emergency
Centre in Boulogne to get
advice. -' ■
Many hospitals on the Con-
tinent require cash payment for
treatment. The ' reciprocal
arrangements between the coun-
tries’ health- services .simply
means in practice that the
families can redaim expenses
from the National Health.
Service on returning to the UK-
The AA and the Perry Service
will check with the hospital
concerned and confirm that it
win meet the cost The bills are
sent direct to the AA or to
Perry.
The story ends here. Sid, BiU
and Fred will have almost cer-
tainly better hick next time.!
Sid's insurance for himself, wife
and two children cost him £46.25
while Bill's insurance for him-'
self, wife and one . child
cost £24.20. Money wel lspent
These two contracts men-,
fioned in the story are not the
only ones available. There are
quite a few on the market offer-
ing different levels of cover for
different premiums.' In making
Their choice, holidaymakers
should concentrate on the cover
being adequate rather than save
a. pound or two on the pre-
miums.
FAifCY A ' cutprice : cruise on
the QJE2 or'/a' free' feny' nde
from Southampton aa : Gpwes?
These are lujrt two of a growing
number: of - perks amiable - to-
shareholders in certain com-
panies. : ‘ •
The range of companies giv-
ing travel and holiday .discounts
-to shareholders is quite large.
There are ' some . surprising
names in .tire list— -Barclays -
'Unicpm, if or example, 1 which
-gives its unit holders' discounts-
of up to £300 on a selection of
Canard cruises. . .
At first glance- the offer of'
holidays at discount prices and
.cheaper travel looks too good
to refuse? However, it is best to
work out how much you will
save and what sum of money
you will' have to risk to achieve
this -saving —
. The word ride cannot be over-
stressed. Tor the petks are -
given to people wiKitig to in-,
vest . their, money in .-shares'
which, may go up or down. It
would be. bf.;tittie:use :tb; say <
save £60 by buying a particular-
shareholding, if the value of
that stake subsequently fell by
a greater -sum:' ... \
_ So It-is a good idea to check
out the company and -see how
the share has performed in the
last year. The number of shares
needed before ibe perk comes
into operation varies front " a
single share up to . 2.400. . . The
actual outlay required wijt-af.
course depend on! .the share "
price .-..J-. ■ . ‘
It is also worth -noting you .
cannot . simply .go to. the stock ...
market and buy a single share • ;
at the price quoted in the news-
papers. ; When. you- are:doing
your sums, take account .of the ! !
stockbroker's commission. Many -
brokers have a minimum, for.'
example £12.50 plus VAT. and:
say the price of small orders of
shares may be higher than for...
larger purchases. . y
One of tire most popular con- .
cessions is the 50 per cent dis-
count on certain routes offered
by cross-channel - ferry group
European Ferries. ’ Anyone -
wishing to take advantage of
this offer, will need to buy 200.
of the company’s shares before
February I. . At current prices]
this holding will cost about '
£235 plus stockbroker’s' commis-
sion.
Eric Short
Tbe saving will vary accord- ;
mg to the trip, time of year-- and
number of people travelling. As
a general rule, a family of two; ■
going from Felixstowe to Zee-
brugge in Jiffy could save £55.
There is no limit on the number- ;
of trips you can make. ' $
The discount applies to
return tickets on eight routes.
'Applications specifying sailings
and dates must be made. by. post .
at least 30 days before "depar-~
■hire dates in July and August .
and seven days ' ‘ notwVfc/f '■» ‘
required at . other times..:’.."*:, , r
-Sticking to cros&cbamjri-:.
journeys. P & O gives fiO - per :
cent discounts on jouimeys fnffli -
Southampton .to Le Hav^.^ri ' : .
Dover and Boulogne. Thertf'are': .
30 per cent discount avSEjiMe .
oh four other routes, ^ -
- To qualify; cu s tomera.heed to : '
huy £200 (nominal } .deferred '
stock. -This' holding jwffi' emt;- :-
atound. £280 plus. comimsfioC' - : ' '
The P & ,0 deferred ^ stodt-lus • 1
been volatile in ,the -past year
.with- a trading range of between "
163p and,94p.
For those who dreannabont a . .
cruise, a. holding in .Barges* ,: ——
Unicorn -'.'unit . trusts*.' -or -
Trafalgar House may be uj&riL :
Five hundred -shares in.TSsfat '
^ar House wijl get you a lSJier .
cent discount on ; a QE2 cruise. *1
• ThtfjQrtftmt tostqf this -hotting l/|
" is' about .£486 piusepmmisrion-
- .' Unit holders in Barclays Uni* .
coin, where ■: the '. minimum
investment- 'is £250; cart benefit; ^- 1 -
from : six cut-price mi ises with y" :
Cun aid and four fly/cruises^y.
The; savings range from £100 ta y .
£300; •- ■'-
■ u -. .H. the imge- to. jjet i way far a y;
spring., break, overcomes you r. '
before . April' ISy tfidn . a single •*
share ; in : ;Atii«d _ vy ons ' -which ; .
‘costs less 7 lhanyone- paired, will
entitle,- yOu to discount on
;s_ ; .HuriiaWajr " Break. Fifty -
'shires- in.. Bass, the brewers •"
will cut ; 10;per;cierit off the enst '■•
of a. Pohtins UK. holiday. This
stake .Wilt cost £98 plus com- ; '
; mission. In the past year Bass
shares peaked at 251p and have ■: •
fallen , to ,I82p. _ \? : -
■ "A single share in Tiny Row-
land’s Lonrhp will knock 20 per .
cent off your hotel' bill at the r
Bir' Francis Drake in ' San "Fra n* ;
cisco, . the' Hamilton, .Princess : i;
and Southampton Princess In .: -’r.
Bermuda and eive a JO per cent - -'- "
reduction at MbrziHe Hotel in
; Mauritius. -v
At the other end of toe scale.-.; 1 ! ii‘
you -would need £2^SD0 plus com- j;- r
mission to 1 bay the -750 shares c
in Ho riton Travel to" entitle you .!/’ "
to a discount Worth up 'to £100. '■ -
Tbe shares have to be held for
six ' months * before departure. : t
Horizon shares are at a hiph
for the year, having risen fairly , *
•steadily from 117p.
' If you don’t feel like. invest- ■! ' -~
ing in the riock market for the ; . .
cost of -five Osram light bulbs -
you can-save £40 on a a 14«ight- .
holiday. There is a wide range *;.;
\ of . ’ hoL 1 day brochures from !: ';
'.L mu-..' ! liJ.' . V
which to* choose. These- include';
Thomson, 'Thomas.- Cook,; 5 ..
Horizon, Sovereign, Kuonlv-j
CTC Cruises and Inghams ’
RbsemaryBuir i.V>,!
The Abel Mancunian
• ■ r - ' >J- r
I have been named as one of
Hie executors under 'a will.
I am not a solicitor but under
the will I am allowed to
charge for my sen-ices.
I understand that remuncra- :
tion paid to an executor or
trustee Is no! chargeable to
tax on him under Schedule
“E” as derived from an
employment. However, would
'any payment made to him be
regarded as a payment after
deduction of lax out of net
Income of the estate, and If so •
.would it be liable to Investment
Income surcharge ?
Provided that your friend's
solicitor was asked to ensure
that the will was worded with a
view to avoiding the incidence
at invesiment income sur-
charge, there should be no
problem. -
MR DAVID ABELL the 39-
yeajc-old chairman of Suter
Electrical, has been ' playing
the stock market for 22 years.
His formula is to. .go for high'
risk companies where the
chances of-making a vast profit
have to be weighed against the
risk of coming a cropper.
The key according to Abell
— who has spent most of his
working life with British
Leyland — is " hot putting all
your money in one basket’’ He
suggests picking five shares. “If
you get one right you'll break
even. If you get two right you’ll
make a lot of money.”
Abell tends to buy “bombed
ONE MAN’S INVESTMENTS
The .first of an occasional series
never wait -until I think the
market is at the top;" says Abell.
Sometimes be has missed the
peak by quite .substantial
amounts. He bought British
Land at 20p, sold at 60p. The
shares rose to lOOp.
Similarly, he had a sizeable
holding in Norwesj Holst,, the
civil engineers. These shares
were acquired at 30p and sold
at 90p. Abell made a -lot of
money in th e process but the
made a considerable "amount'of
money out of FNFC loan stock.
He also has a hoiding.'ih the
Mersey Docks and Harbour Com-:
pany but says “ it is 4oo eariyi
to say whether this -has. -.been . -a
success.” He bought-fthe loan:
stock .a few years .-ago.- at' 13p.-
The loan stock ■ was ; issued ' in
1974 in - accordance- fwitb - a
capital reconstractioa rscheme
under which all <net' proceeds -=6f
lnnri seine wUa
haring made several
: - thousand pounds” at toapt twB« 2
; and having lost a. sizeable striw
; in the 1974; crash. - .
- Abell taught the rtodc irtirkera
bug while a- stadent
^Jitiverrity- -He ' played
.rmarket in an -attentpt to eke.o^li.
h£fi. £24fl : aimu al watotori&iP! ;
made some fairly -siDy
■ meats but. I wap Jurity.” :
■ **y?L- iOne, of-. his -first:
was; r : Consolidated A AfriaM
Selection Trusti-l : - ■
He- was part; xff a gftm
-20 students who- - fartaed 38
econ omi c- unrestm ciub^EacI
■oreeds-^f member. - >£2 ' >
i
"-a>K
tor nr
f
tGnsj^eh.
;-^ 5 j
«£&
The hazards of
too much snow
■' '■■ AV;-
is not today’s camper
TBEEQS>^^V|Pj & ifixys when
■ money- vm^fgaedmng that was .
not 3Benfi<ffidM*tj?oiite circles.
with ran
the ■ m^tSe*' are noarpreV
of saving ,
peuh^V:~ f ': :.' '"- \
* • PerhAp^feat 1 .is : one of. the
reasons why ^ the Rover and
Volvo : r &k ! jfc' turning ' tot self-
catering'hoBdays in Europe,
arjd particularly camping trips.
The’ door- feat was unlocked by
such pioneers as. Hr Jim Cuth-
bert w&bhis Canvas Holidays
concept bas now grown into
sdmefeip&of a cult, with dozens
.of companies Campaigifinff for
owr eastnnc. - - j :...
- -it is aH a long way from the
Jong eborts ■-'and-: Brown Owl
image*' . Today's , camper can
expect his prelected tent to
contain , a. free- bottle of wine
chilling in fbe fridge which is
standard In some units.
t : ' Tracing y down the reasons
CAMPING
ARTHUR SANDIES
-for -. the • same family of four
camping -1& Britanay would cost
about £400 and my own estimate
of meak oat to make up fee
comparable half-board would
be another £180. The camping
figure includes ferry tickets for
both fexutiy and car. .
It would be foolish to sug-
gest that'eveiiytftihg is wonder-
fid abour this new breed of
camp sites. If is true, that many
are in the grounds of chateaux
offering excellent central facHt
ties,, often with dub bouse /bars,
a reasonable restaurant and
swimming pool; and that lava-
tories and washing facilities,
have moved on apace since fee
frole-rn-tbe-ground days. Bat
tent walls- are thin and privacy
often more Illusory than real;
it sometimes rains, even in
and fee higher the season the
more Likely you are to be too
dose to your neighbours.
According to the French
National Tourist Office, there
are sow nearly 200 British
companies offering camping
holidays in France, although
it chooses to name only 17 of
them in its main promotional
brochures (free from the French
Government. Tourist Office.
178 Piccadilly, London W1V
0AL; ask for the “Traveller in
France" brochure).
Canvas is stiH the biggest in
.the business, having carried
63.000 people to Europe last
year, using 81 sites and 700
hotels for overnight stops mi
route. This year the total is
rising to 94 sites. It says some-
thing for fee up-market pitch of
the business that Canvas is keen
to stress that baif its permanent
staff is made up of graduates
and that all 350 summer per-
sonnel are graduates or
university students.
But feis is becoming par for
Eurocamp are well aware that
they, are looking after the
Beaujolais and Foie de Veau
brigade and tailor their product
accordingly. Considerable
emphasis is placed in the glossy
brochures on the joys of local
eating and local Gallic culture.
What you normally get for
your money is a pre-erected tent
which has never seen more than
one previous season and is more
likely than not to be new. It
comes fully equipped — “right
down to the corkscrew”— and
usually the belter British opera-
tors have ensured that their
tents are interspered with those
occupied by the families of
other nationalities in order to
avoid British gheiloes.
The further north you are
the more likely it is that you
win find a buccolic setting and
lots of room between you and
the neighbours. High season on
the coastal strip of fee Riviera
can be bedlam — not my glass of
Pastis, but obviously popular
with plenty of others. If you
must head for the deep south
catemg holidays in general vveB kept of grassland can turn
notably those by car, and of muddy; and the nearer the sea
camping faobdays in France in
particular, is not difficult .
For all their efforts fee pack-
age tour' companies have not
'neatly solved the problem of 7
how to offer reasonably priced
French camping market. Com- just as much sun and far less
patties like Canvas, Inn-Tent and humanity.
The holiday seems to be an
ideal one for children, offering
as it does plenty erf opportunity
to meet other kids and giving
parents less to worry about in
terms of noise or traffic. Often
an on-site snack bar will serve
chicken and chips, pour em por-
ter and at a reasonable price,
so that adults are not neces-
sarily driven to the kitchen
before every meaL
Life can become quite
chummy among the camp people
themselves, whit* is fine of you
are in a chummy mood. Open
air living, however, does mean
that your aperitif sipping neigh-
bours will see you and yell
“helloes” everytime you make
for the lavatory block.
On my last stay on a site, in
Brittany, a system of kid-ferry-
ing was quickly worked out
whereby one set of parents
would take everyone else’s off-
spring off for the afternoon
while the rest relaxed. Given
those thin rent walls a baby
sit ling rota was something easily
worked out. However, the real
popularity of the camps I have
seen seems to be among
families with 8-18 year olds —
too old for discounts, too young
for going solo.
Above all, of course, fee
family can take its belongings
and bicycles aboard the family
car. and not be limited to air-
line baggage limits.
The pluses : It is inexpensive,
it is foreign, it is fun.
The minuses: No private bath-
rooms, there can be creepy
crawlies. noise travels.
The companies: The French
Government Tourist Office
(address above) will give full
details. Alternatively try Can-
vas Holidays, Bull Plain, Hert-
ford SG14 1DY. Inn-Tent
26 Baker Street Wetberby,
West Yorkshire LS22 4NQ.
Eurocamp Travel. Edmundson
House. Tatton Street. Routs-
ford, Cheshire WA16 6BG.
Readers are advised to read
brochures very carefully and
ask operators about the amount
of space allowed per tent how
many showers/lavatories there
are and how big the site is.
Remember not to get the lent
' hoKdaysintbe peak school
hrifiday periods to families with
young .children. Most package
Jouar ctoSld reductions end at' age
.11, ibd in peak season' there is
frequently & two-aduR-per-cMId
roilfe and fee children must share
the adults' room. ■ Hardly worth
fee-bother reafly.
It means a’.baste. £1,000 for a
reasonable Majorca hotel, hatf-
tjbard for • a fmnfly of four
having two weeks in fee summer
school holiday period:
" By coofrast a couple of weeks
— people use both until the very
small hours when on holiday.
.. Ml*
PLENTY OF snow on the
ground is one thing, but for
many skiers there is nothing
more miserable than' when it is
tumbling full force out of the
sky. Low cloud spells white-out,
so the terrain becomes indistin-
guishable. Goggles and glasses
mist up every few minutes.
Crop mg blind, the skiier veers
from a hard— -or hardish— piste
to the deep soft snow at the
sides, invariably losing his
balance at each transition. He
gets thoroughly wet, and as
often as not there is a bitlngly
cold wind sweeping across the
higher reaches of the few ski-
lifts that are open.
Blizzard skiing is just what
most early visitors to the Alps
this seaon have had to cope
with. In fee French Tareatadse
about 10 feet of snow fell in
the pre-season fortnight La
Plague, where I was siding,
coped rather well with the
incessant snow and. with a
variety of lifts open, interesting
slopes were available every day.
Other resorts in the valley, like
Tignes and Val Thorens,
apparently fared much less
well
A popular way of coping is
to find a nice warm bar and
watch the falling snow through
the window, finding solace
meanwhile in copious quantities
of alcohol. But. on a short ski-
ing trip one cannot really
afford to let a little thing like
the weather get in the way of
one’s enjoyment. And there are
bonuses to skiing in a blizzard.
For a start there is virtually no
one else out of doors, so one
has the slopes and lifts to one-
self.
But how to enjoy them? The
first imperative is to slacken off
one's safety bindings- Some of.
the worst injuries I have seen
have been caused by slow, un-
SKIING
DAVID FREUD
expected falls in soft snow,
which fails to produce enough
release impact. Tendons and
ligaments are especially vulner-
able.
Secondly, ski among the trees.
These points of reference pro-
vide visibility in the worst
white-outs, as well as providing
a measure -of protection against
avalanches. Some resorts are
better endowed with tree runs
for bad conditions than others;
my own favourite on this front
is Courchevel.
Third, rather than jerking on
and off a half buried piste, go fee
whole hog and ski the powder
snow off-piste. In powder skiing
one leans further back and
keeps the weight on both ski
in the turns. Practice the tech-
nique in good conditions before
launching out. and always ski
with at least two companions;
one to stay with you if you are
unlucky enough to hurt your-
self, and one to fetch help.
- One final tip. In lousy weather
there is nothing so successful
for making the world seem a
better place than a light-weight
cassette player with head-
phones. A melody reverberating
through one’s head helps enor-
mously to unwind a cramped
defensive skiing posture. And
music, is certainly preferable to
alcohol, which saps co-ordina-
tion and leaves one feeling cold.
So., for the properly prepared
skier, even the worst conditions
need hold no terror. And
powder buffs are likely to
remember blizzard days as some
of the best they have had.
See snow reports Page S
Swimming pool at Ompingpark bad Liebenzelle and (he sort of tent and equipment to be hired
•v ■
W ;
■ fi 2
Do-it-yourself in Sweden
i V '
v ; . *.V>
THERE IS ; an - ancient Scan-
donanian myfr that Sweden is
expensive, but I -can dispel it in
an instant: rent a charming,
-painted wooden house m -fee
Kahnax region in fee south-east
Then wife the money saved on
hotel % biUs go on a sperating
r»v7iT3B. ■ * i >¥i h • i - 1 1 * u Vi - ;_li
and glassworks whose seconds
shops are. stacked with near-
perfect .crystal, treasures which
•are nold, at oMfth or even a
tenth fee price charged in smart
boutiques on Fifth , Avenue, .the
Ginza, Champs~Elys6es, and at
our own top stones. .
Ste! - Kalmar -Tourist Office
publishes an. annual register of
holiday houses to let .in Kalmar
county and- on the fascinating,
island of ‘Oland, joined to
Kalmar .city' by fee longest
bridge in Europe, abnost four
miles long. .
.. - 'Oland is noted for its sonny
summers, Baltic beaches,' 400
windmills, and - archaeological
remains . some of which ere
4,000 : years oH. It Is also fee
summer retreat of the Swedish •
royal family. Kalmar is a
• modem industrial city, hut
green., and pleasant, too, its
modern- houses contrasting with
aid, wooden cottages and quiet,
cobbled streets. The castle has
a 800-year-oH -history. It Is an
ornate,. .. picturesque building
Hid a memorable sight in fee
moonlight beside the tranquil,,
twinkling waters of Kalmar
All the chalets we saw fast;
summer were furnished to a
•mudi higher .standard than
most- equivalent self-catering
acaxramodaiion in this country.
-They were dean, wife, pine
" furniture to the -fore in living
rooms and kitchens. Our
reservation was that many ; had
bunk, beds with fairly, spartan.
mattresses on boards — not
romantic, but good for anyone
wife , back trouble, and . they
probably wouldn't harm anyone
else. ■ - • ' • '
The' .holiday bouses are
classified into five categories,
fee- most modest of which infight
water from a pump, well or
spring half a mile away. More
expensive ones come with all
mod cons and swimming pools.
Many are dose to fee sea, and
there is even a windmill to let
at £22 a week in fee winter. It
is*' at the very, least. . romantic
though .fee oofy faet&ttes are
a primus stove! and earth closet.
A few have sadnas» and fee
Swedish idea of fee good life
is 20 nfinirtes in sweltering heat
SWEDEN
UHLAN YOUNG
and' flogging fee body wife
birch twigs before jumping
into fee Baltic among fee jelly-
fish and herrings.
Prices vary vridefly^ but even
at bigh season yoc -can rest one
of fee best for between Rr 1.300
; and- Rr L800 a week, with
priCCS ljtnfeling by np to 50
per cent in. September, which
is nsy favourite Nordic month,
and tower stiH in -fee winter
and spring. Tbexe are more
properties, to' rent on Oiand,
and Swedes book eariy here,
but rentals are oons&dera&Iy
lower on fee mainland.
- -Not to he missed on. Otand
is Haffltoxp inn Where fee great
Oiand- (fish, kroppkakojy-
— savoury potato dumplings
wife melted butter— 5s done to
perfection. I dan also- recom-
mend fhedr' pickled • salmon UT-'-- ~
(gray fax), assorted herrings
and smoked fish. Two sites '
worth visiting on Oiand are
Getttioge gravfSIt, an Iron Age ?" • -r
burial ground of • standing • ‘
stones- in fee shape of a ship,
and . Ismantorps borg, a
with 88 house foundations re-
maining within its ancient,
massive walls. '
.A visit to Ektorps borg,
smaller than Ismantorps, gives
some idea of how the ancestors
of today’s Swedes lived: here,
dwelling houses and sheds have
-been reconstructed within Its
sturdy outer walls.
But fee star of this whole
area is Orretfors. where the-
most beautiful of all Swedish
crystal — maybe the whole world
— is made. Tucked among the
dense forests of pines and silver
birches are small villages after
which the famous glassworks
are named: Kosta, Boda and
Oxrefors in particular.
Their output is tiny by inter-
national standards, but almost
everything — wine glasses, ash-
trays, hand-tainted • bowls, en-
graved vases, and stunningly
coloured designer pieces — is
made by hand, astonishing in
an age when the machine has
put craftsmen out of business
in most Western lands.
Orrefors, Kosta and Boda
offer free, guided tours in June
and August Which permit the
visitor to see the glass-blowers,
cutters, engravers and others
skilled in gla^s^naWng at work.
At Orrefors visitors are
allowed to w wider around fee
glassworks on' their own. AH
fee seconds shops are open
seven days a week till about
fifiO (3 pm at weekendB).
It is ' to the seconds shops
feat consumer-oriented, greedy
I w
‘ "Ti-* * i . ' I
V
i - 5 v ; :
people tike me rush. At Kosta
they provide supermarket
trolleys and you just grab
bargains. Here, seconds from
fee crystal and glass ranges of
Kosta and Boda (which are
jointly owned) are sold together
■with fee Boda Nova range of
kitchen and home decoration
items.
The Boda seconds shops are
quietly located in old. wooden*
houses along the main village
street, and there is room to
browse. But it is to Orrefors that
true lovers of crystal will,
go, especially for the selection
of seconds from the designer
collection. 1 bought a superb
blue vase, which gleams Like a-
roound of sapphires, for £35.
I saw it — a “perfect” — in a
department store in Stockholm
for £200. Imagine what it would
cost outside Sweden.
So high are the standards of
quality control feat there is
Kalmar Castle
never a clear boundary between
fee “perfect” products and the
•‘seconds,” so what does it
matter if the artistic bubble is
slightly off-centre It shows it
was made by a man, not a
machine.
Both Kalmar and Oiand are
well situated for excursions in
the crystal area and northwards:
to the 17th century timbered
church at Djursdala. whose
glorious painted walls and ceil-
ing are worth .a detour to see;
to Vimmerby, whose tourist
office is in a 17th century house
in the medieval high street, and
nearby is an Iron Age grave-
yard with adjacent historic
farmhouses; and on the coast is
VSstervik, a boating resort with
4,710 islands within fee town
boundary.
The whole of this south-
eastern region is famous for its
handcrafts, and not be missed
are the Hemslojden craft shop
in Kalmar (textiles, wood,
pewter, furniture), Lessebo
(south of Kosta) where writing
paper is still made by band in
17th century traditional style,
and the summer exhibition of
local crafts at Capetia garden on
bland.
Additional information: The
best way to reach Kalmar and
bland is by Tor lane car ferries
from Felixstowe (all year round
service) or Newcastle (summer
months) to Goteboig: Kalmar
is an easy 212 miles’ drive.
British driving licences
accepted, but it is compulsory to
drive with dipped headlights at
all times. For the. free holiday
houses register write to: Kalmar
Tourist Office, Box 23, S-391 20,
Kalmar. Sweden. All bookings
are made through the Tourist
Office. General Information
about Sweden from the Swedish
Tourist Office, 3 Cork Street,
London WL
The amphitheatre at El Djem
Tunisian suntrap
Where tourism and industry meet in harmony
A HALF DAY trip on the Salt
Trail- by narrow canal boat
taking ‘ in ■ the lio& i open plan
salt , works at Northwich in.
Cheshire . swi . . pnarby
museum— -fee onlp one 'in fee
world devoted solely to 'ttaj
commodity— is enough to inject
industrial romance • fnto an
English holiday.
" This , particular excftjsjea is
an example of fee “*®
North West hag:been harnessing
as femist afteactions what fee
less rf?*A«»CTiing might see as eye*
sores mbre to be ashamed than
proud be Few travellers scurry-
ing = eastwards across the M62.
from Manchester towards
Huddersfield could fail to feel
a very . strong, sense erf the
coonti^s industrial lineage
looking; out across fee mill
chimneys at Mtinrow to. the
bieak ’ IndbiiaDd escarpment
throng " which fee motorway
is about to wind. . '
An insight ihto-fba past can
.he sneaked by risking Higher
MTU at Helmshore in fee Rossen-
dale Valley— the only surviving
example of a water-powered
fullmg mill (a technique for
malting cloth more pliable, and
durable). Wor&ng madtinery is
under demonstration, to fee
ptibHc at fee Quarry Bank
cotton m3l at" Styal,. sooft of
Manchester, -a pretty spot wife
fee’ workers* houses still mtact
For something - a little more
static, fee new museum of
historic boats, steam engines
and canal-life at Ellesmere Fort
-and -fee glass museum at
paiongton’s .in St . Helen’s are
within easy driving di s ta n ce of
fee area’s major towns and
cities.
The North West T ourist
Board, covering an area from
Lancaster in the North , to
Buxton at fee edge of .fee
peak District in. Derbyshire*
THE NORTH
WEST
. MCK GARNETT
announced -feis week a n umbe r
of initiatives to try and attract
more tourists to fee area. Out
of the tourist boards in the
Tftnptish regions, fee North
West is the on^ one to offer
its colour -brochure and tourist
map free— 100,000 of them are
now b eing distributed. In an
attempt to sock in more overseas
visitors another free colour
brochure has been produced
in six languages and will be
distributed entirely overseas
through fee British Tourist
Authority’s offices and travel
fares.
The North West Tourist Board
‘ has been or will be represented
at travel trade and public fares
in Frankfurt, London and
Utrecht. In the autumn of.tias-
year fee Board is producing a
“let’s go North West” pro-
gramme featuring two, three and
five day bargain breaks during
off-peak periods up to June
19SS.
The region, which last year
attracted almost 10m visitors
wiH be dotting in to fee
national tourist boards theme
of Maritime England. The North
West has 300 miles of canals,
including fee Bridgewater— the
first real canal built in the UK
and which was constructed to
move- coal from Worsley to
Manchester. There are about SO
companies in fee region hiring
out canal boats.
The emphasis of tourism still
rests though with the region’s
trafetional attractions. That
includes - some tremendous
countryside such as fee wilder-
ness landscapes of the Peak
District relieved by pretty stone
viiteges and fee Forest of
BovdancL
The great conurbations of
Manchester and Liverpool have
strong civic pride in feeir
theatres, - museums and dubs
and Chester, with its Roman
wafi and fee shopping of fee
Rows above pavement level has
been a natural focus for visitors
for decades. Buxton is stffi a
handsome town with excellent
gardens and lovely Regency
architecture.
In a region of very strong
contrasts there are obvious
examples- of sites which have
specific attractions. Blackpool —
feat unique mix of glitter, fish
and chips and fee kind of tourist
accommodation still equated,
rightly . or wrongiy, wife the
immediate post-war working
class— has fee largest funfair
an Europe. ■ »
Travelling within the North
West, fee visitor though- is never
far away from the sight and
feel of fee region’s industrial
history. You don’t have to seek
it out — as some Australians
who watch Coronation Street
on Aussie TV have done by
requesting a guided tour of fee
back-tobacks in Salford or that
peculiar species of Japanese
tourist who wants to take a look
at Wigan pier.
Tlie region’s fine landscapes
and grimy past can blend
together.' nowhere better so
than in fee Ribble and feeder
valleys with their little cotton
hamlets.
The most unfashionable places
can contain little nuggets for fee
traveller. If you are ever in
Bolton, stop off at the Ha 11-1-
Th’-Wood, the house of Samuel
Crompton, inventor of the
spinning mule which revolu-
tionised fee cotton industry and
was one of the main institgatois
of fee factory system.
TUNISIA HAS been on fee
Mediterranean tourist map for
more than a dozen years now
and the 2m visitors it received
in 1981 bear witness to the
success fee government's tourist
policy has met with.
In- a country which has just
over 6m people, at will be diffi-
cult to attract many more
visitors without running into
a number of problems; During
fee nest few years the Tunisian
authorities will be trying to up-
grade the facilities they offer
— in other words move up
market.
The tourist complex of Port
El Kautaoui, three hours drive
south of Tunis is fee first sign
of this shift away from fee
package tour market Built
wife the financial backing of the
Tunisian Government the
World Bank and fee Abu Dhabi
Fund for Arab Development it
offers a choice between three,
hotels and the Matsons de la
Men— a stylish recreation of
traditional Tunisian architec-
ture built around the port
The port is the first of many
which fee .authorities plan to
modernise or build along the
coast wife a view to attracting
sailers from fee northern, shores
of fee Mediterranean to fee
more exotic southern ones.
The Tunisian coast line, par-
ticubriy in fee north offers
some dramatically beautiful
mountains cascading into the
sea and Port El Kanfctoui has
a further advantage. It lies
Close to 'towns, mid ruins which
take the fls&o-t back a few cen-
turies: fee ' holy city of
Quairouan, locked in its ochre
ramparts dominated by the
fortified towers of fee Great
Mosque and El Djem, the
second largest Roman theatre
in fee World outside fee Coli-
seum in Rome. El Djem Res in
TUNISIA
FRANCIS CHIU6S
fee middle of vast olive groves,
a majestic symbol of the Roman
Empire.
Apart from iis attraction for
yachtsmen — races between
Malta and El Kautaoui are
arranged every August — El
Kamtaoui offer a good golf
com ^ e and good beaches with
excellent sailing and wind surf-
ing amenities.
^Many Tunisians own flats in
fee Mai sons de la Mer which
helps to create a less artificial
atmosphere than would be com-
mon in a normal tourist resort.
Lute players are present every
evening til one of the port cafes
and cars are banned from all
streets around the Mai sons de
la Mer. This and the quality
of much of the architecture does
help to create a setting which
is restful vet alive, particularly
as the hot summer sun sets.
Late spring is the best time
of the year for a visit as during
the height of the summer season
the whole complex gets over-
crowded.
But visits during other periods
of fee year can also be reward-
ing for those visitors who are
not simply interested in turning
dark brown. The hotels offer
some good cooking although the
best food is to' be found in the
restaurants around fee port
The standand of service is
maybe not quite up to what is
expected in hotels of this class
but, as so often in Tunisia, the
kindness of Tujisians tends to
make up for the inevitable mis-
haps in the service,
Financial Times -Saturday Januai^.'16 1982
y
PROPERTY
SPORT
Pueblo-style
with frills
BY JUNE FIELD
THE DOZEN -STRONG property road from Malaga Airport, east-
inspection party crowded into wards, away from the crowded
the cosy restaurant-bar to resorts of TorrenmUnos and
sample the fizzy wine, and it was Fuengirola. about an hour and
illuminating to hear some of a-halfs drive to just beyond
buying in Spain. The man from
the North Sea oil rig with a
family in Nottingham, was buy- sold at El Capistrano arc built
mg a couple of time^share pueblo-style along flower-filled
weeks now, intending to trade cobbled walkways, based on the
up to outright purchase in a picturesque old mountain
few years’ time, and a pair from village of Frigiliana. where the
Cheshire freely admitted that fields below are still worked by
they were “ getting away from oxen wearing straw
the Wedgie Benns who might
bring exchange control back, or
any one els? for that matter.”
Most of the others were pro-
fessional couples in their 30s pueblo), at about 12 pesetas a
or early 40s. who instead of glass, and down by the sea there
considering the quieter, less fashionable.
typically Spanish town of Nerja.
The 525 units completed and
cushion their forehead against
the pull of the yoke. In die
dark littie bars one drinks the
powerful local wine (ft no del
(#4 1. -
England defeats France 17—13 In the 1980 Grand Siam tournament:
exploring the British second- is paella cooked in giant pans
home market, were opting for over a driftwood fire on the
a place in the overseas sun, plus sandy beach at La Parrala, run
someone coming up to retire- by former marathon runner Ayo
£1 Capistrano, pretty Spanish pueblo-style development east of Malaga, near the resort of AlmurWkar, where
several new phases are being built from £21,000 to £M,000 or so according to the size of the villa.
Details Graham Maynard, El Capistrano, Nerja, Spain, or 173 Ward our Street, London, W1
The art
merit age who wanted to come
hack to the country where so
many pleasurable holidays had
been spent in the past.
The place was El Capistrano,
pretty development named for
the famous California Mission
where the swallows go away in
the winter and return in the
spring. To get to the Costa del
Sol version yon turn left on the
and bis Swedish wife Karin.
Mr Graham Maynard and
Mr Peter Graham head the
company behind the Capistrano
from about £21,000 to £60,000
or so according to size, and
service charges, to include
maintenance and use of the
complex
phases and a leisure complex
with squash courts, gymnasium,
cinema, snooker room, and so
on were just getting under way
when I went last, month.
Currently, villas are on offer
several new existing amenities, swimming
pools, sauna, and tennis courts
(a golf course is under con-
struction nearby).. are said to
its own magazine, which lists
restaurants and other pertinent
information about the area. For
a free copy, plus a property
portfolio which covers purchas-
ing procedure including a 14 buy
back " scheme in case you
should ever be in the position
work out about £200 to £300 of havigg to sell quickly, write
a year.
The complex also produces
to Mr Maynard. El Capistrano,
173, Wardour Street. London.
W1 (01-439 4564), or at the de-
velopment The main brochure
gives the company's bankers
and lawyers both in Britain and
Spain, for your own legal
advisers to take op references.
Saturday to Tuesday inspection
trips are run almost every week,
and the cost is £120 for the
flight., with the food and accom-
modation free.
RUGBY
X am- sure that part of Mike the Big Five “hard. lines boyo,
Davies’ success is that he took.- but I- voted: for jou. ’
PETER ROBBINS
a relatively long and educa-
tional route to his present
exalted -position.
It is essenti&r that the coach
is a selector and the first
It is painful to drop players
and: to be dropped but so often
there is no explanation; given.
' Patently there have been many
players who should have been
EXPECTED
important choice to be made is spared that pain by not bring
that of captain' because the picked in the first plaefer-The
coach, and he are ultimately * -
™ ”*‘T el-7 coactL ana ne are uramawiy rp-ords are littered- with
senatorial mis judgment -lowvii
land and England have chosen thf} QtheT for ^cs.
Roving around snow-bound
x. ; •
the same teams for the Calcutta
Cup at Murrayfleld today.
The championship gets . off
- . commonly as onfe-cap bonders.
THE SMART sunny yellow and
white Range Rover crunched
happily over the snow as I
went off in it to look at pro-
perty in the freezing weather
conditions early this week.
Fortunately I was not in the.
beleagured West Country or
Wales, but in the arctic wastes
of London, Wl. which also re-
quired a certain amount of
careful negotiating.
My particularly suitable
transport was part of the latest
promotional ploy of an enter-
prising London agent deter-
mined to go out and seek
business in these sluggish days.
Gross Fine and Krieger
Chalfen were just launching
this sales office on wheels.
The car is fitted with radio
telephone and a filing cabinet
full of Central London property
details, all ready to drive one
on a viewing safari from your
office, hotel or home. Say
partners Mr Robert Alexander
and Mr Tony Goddard; “This
means no mare trudging to an
agents’ office, no more talking
to faceless people over the
telephone.
“ The aim is to offer a unique
professional service to people
whose time is precious, allow-
ing them to find out current
market availability. For bro-
chures on apartments in
the areas of the West End of
London to South Kensington.
Hampstead, Putney, Chiswick
and Richmond, contact Mr
Alexander, Gross Fine and
Krieger Chalfen, 27 Princes
Street. London. Wl c 01-433
3993). The price range is from
£14.000 for 1-bedroom un-
modernised apartments in
Palace Mansions opposite
Olympia, to studios in Hal lam
Street, Wl, at £32.000. to three
to five bedroom units around
Putney Heath from £50,000. A
luxury offering in Grosvenor
Square is an apartment where
the alarm system is connected
directly to Scotland Yard.
Offers m excess of £}m.
Latest incentive by landlords
anxious to move units that have
been on the market for some
months, is either to reduce the
asking price for a cash offer, or
allow six or 12 months free of
service charges, which in some
cases means a discount of £2,000
or more. This applies to Heath-
field Court, opposite Tumham
Green, W4, where accommoda-
tion is for sale from £25,300 to
£33,000, less if the place needs
refurbishing. (Do not forget the
cost of re-plumbing and re-
wiring comes high these days,
and that there will he the
traumas of finding someone to
to a brisk start but <it will-' not left to •implement k. Delegation
be just the 30 players involved .is just as much part of. selection
who will be under public as is the ability to recognise
A chairman may oauine a t t time those players;
general policy but -it is really (* epe selected in go c& faith; •
these two people who should be H sonie faiths enimble/at.
left to implement K. Delegation ^ firet crisis ' - '
scrutiny but the selectors of physical and. mental courage as
those teams as well.
essential
I suppose the- selector's lot is skills.
Gran Fine and Krieger Chalfen’s new mobile office which has its own
radio telephone and filing cabinet of central London property details
John's Wood. For details of
what is still on offer, contact
Mr Barrie Warrener or Mr
Nicholas Hayes, Buckingham
Court, 78 Buckingham Gate,
London. SW1 (01-222 3133).
two types of purchasers, the
indigenous Chinese, whose
affluence has been recently
especially unenviable. If the
team loses he and his colleagues
are subjected to widespread and
often inane criticism. If the
team wins then all the hard
work and thought that has gone
into, the success of that win is
conveniently pushed to the
ts own background,
details -j t should be recalled that the
ers the England team that won the
whose Grand Slam in 1979-SO was
recentiv partially the product of a
A curious relationship has
always existed between player
and selector. The previous
Grand Slam side of 19.57, cap-
tained' by Eric Evans, enjoyed a
-I- mentioned oner of the .
criteria for selection as haying -■
physical and mental courage.
It is these two -extra qualities
that Steve Smith the -England
scrum half has acquired in the
last three years. .v/v.; .
■ It re-emphasises the.-fa^t tiiat:/
selectors must -not shut 'ffaeir
particular and sympathetic, minds to the possibility- that
rapport with the
Carston Catch aside
colleagues. -
chairman
and his
players may . actually. imj»UTe.'
even though they have reached
international . status. Lops' at
If memory serves me right; Eric Evans, Alan Old, Peter
England chose only 17. players 5 lxon ' above -.
acquired from property develop- previous selection, committee
ment, and the expatriate who
has the benefit oF high income
take on the job.) The agents overseas
Some agents are still going and a relatively low tax rate.
are Gross Fine.
Hathaways have also come up
with a package whereby the
first year's ground rent, service
charge and rates will he paid in
respect of reasonably priced
flats in Gnlders Green, East
buyers
towards London property. Avril
Butt at De Groot Collis, 93
Together with their Crown
Colony colleagues and a British
firm of solicitors, De Gront
It is not necessary to have
been, an international player to
be a good . selector (although
England's selectors are all
ex-internationals) because excel-
lence on the field does not
Knightsbridge, SW1, tells me Collis have put together a pack- guarantee perception
that their representatives have
recently returned from Hong
Kong, where they found that
many people are prepared to
Finchley, Marylebone and St buy sight unseen. “There are
age to enable the non-resident Clearly it
to find, finance with a mortgage, have had
purchase and furnish a suitable highest lev
London property, which can importance
then be rented out if they wish, coaching si
Clearly it is an advantage to
. , h _ both and tne resulting -conjunc-
SJSi ■ & - -SEL*"!SBL‘!2i
that year — nine backs and
eight forwards. Beaumont's side
was chosen from 19 players.
There were extraordinary
parallels in both rides but what
a change they both made from
the' yo-yo selections of the mid-'
19605 and awful 1970s.
Yet were these successes the
result of intelligent selection or
merely the happy coincidence of
both and the resulting conjunc-
importance is experience in
coaching sides at all levels.
Chestertons
SWITZERLAND
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APARTMENTS
adjacent to Hampstead Heath
from £39,950 to £64)000
10% MORTGAGES*
It is becoming increasingly difficult to find Apartments and Chalets
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We are, however; able to offer a limited number
of exceptional properties- all with authorisation.
When purchasing a property in Switzerland,
there is a definite need for experienced advice.
This is available through our representatives in Geneva,
who have been involved in selling Swiss properties
to foreign buyers for many years.
MONTREUX- OVERLOOKING THE LAKE OF GENEVA
One onJy-an exceptional Apartmentin an established building
with stunning views of the Lake from the large reception room.
' 2 Bedrooms, Bathroom .Cloak room , Kitchen .
Situated in an attractive Street, 3 minutes by car from Montreux Centre.
500,000 Swiss Francs
4 Apartments in anew building with panoramic views
ofthefamousChatcaudeChillon and the Lake.
Due for completion i n the Summer of 1983.
Three 4 Bedroom Units from 737,000 Swiss Francs.
One 5 Bedroom Unit from 890,000 Swiss Francs.
THE ALPS - ANZERE - RE SIDENCE CRI8TAL
Exclusive U.K. Agents.
Two 1 Bedroom Apartments from 141,000 Swiss Francs.
One 2 Bedroom Apartment 285,000 Swiss Francs.
Four 3 Bedroom Apartments from 358,000 Swiss Francs.
A further delightful selection of attractive, chalet-style
Apartments and Chalets in the following resorts:-
. VILLARS,VERBIER,CRANS,CHAMPOUSSIN,
LA LECHERETTE, LES DIABLERETS.
For further information please contact:
Park Court London NW1 1
Park Court is a fitting name for this prestigious develop-
ment -situated, as it is. within extensively landscaped grounds
and adjacent to the 825 acres of Hampstead Heath.
Located within 500 yards of Golden Green shopping
centre. Park Court is conveniently dose to the lube station and
within easy reach of the Ml, NMOand Mil motorways.
Accommodation consists of 2 and 2 bedroom apartments, all of
which are finished to a very high standard.
* Independent gas central heating.
* Superbly fitted kitchens with cork tile flooring.
* Luxury coloured bathroom suites complete with shower
* Wall to wall carpeting throughout
* Electronic security entry phone to both flats and garages.
* 110 year lease.
A
because selectors, captains said
coaches cannot possibly have
made a success without *he
quality of player available. ~
In their glorious decade of the
1970s Wales had colossal talent
so that results were almost a
foregone conclusion.
This season they are still able
Dixon and • a bove .all Tony
Neary who was irrationally
"excluded for -several- matches
and yet came back : to --play
better than ever in. that -.last
Grand Slam side. . .. -•
■ According to form,- . on
balancer Scotland are- favourites
to beat England. Yet Engird,
have won away on the lari Jw'
visits -to Scotland : an&'iabatt: -
from some doubt Igboiit; •$»
real quality of their prbps
-seem to have, got the selections
right „ . '. . ; ' .
Winterbottom’s -first game
against Australia was extremely
impressive and must have been
gratifying to Budge Rogers, the
chairman, wfio .stuck his neck
out . by publicly ' backing . the
young ... Headiugley . flanker.
Winterbottom will : surely, .have
ViJ
to cover up their problems else-;, the
where because ’ Holmes • and • constructtbility- today. - against
Davies are such a phenomenal ®°«- experienced back .row
pair of -half backs. . Happy is - of Calde^ JLeslie and the
the chairman who can start from ~ emerging - xfaxton.
such strength. -'. j -"Both teams 'played-, similarly
Among several problems': againti though Scot-
asso dated with being a national - land were rathei*'more 1 expres-
* NHBC protection.
Sale s Centre and Show A partme nts
Now open 7 days a week ll.ua - tipm.Telephone.DM55 8507
fnrfuH-dotaib and literature. Wet pa rth Road is a turning off
North End Road just past 1 he traffic lights at GddereGreen under-
ground station.
Mortgages
Contract to buy nn or More March 28th and Barralt will
freeze your mortgage rate at UFo lor a full twelve months.
(Applies to first 125.000.1 For full details come and talk to our
hripful sales staff who can __
arrange a mortgage Tor you
with the minimum of fuss 7^ ***■*-*»«* *
and delay **** —* * — ■ * i .»»» > »
selector is that of deciding how sive -later on - than' were Eng-
close one gets to the players. It .land/' Both sides- have excellent
is entirely natural that friend; backs but these days that does
ships are set up between those hot nwessarily mean that the
who represent the establishment game will be fluid.
(the selectors) and the players. i expect to see the normal pre*
What every past player in-, limihajy . barrage, from Ruther-
volved in any form of adminis- ford and Davies aftef a hard
tration has to realise is -that he 'struggle' up front for the pos-
is of the past and that separates session that- permits such luxuri-
him, however marginally or ous profligacy. It -would be
widely, from the present That nice to see the ball given some
does not necessarily invalidate air by passing, thus dtfmpnstrat-
friendshlp but it is a tricky pro- jng the skills that first attracted
By Direction of the Isle of Wight County Council
ISLE OF WIGHT
Yarmouth i
AN EXCELLENT INSTITUTIONAL
PROPERTY BORDERING THE SOLENT
Outline planning permission has been granted for a
number of uses including Leisure Centre, Training
Complex, Residential College, Hold and Nursing
Home.
Main administration and residential building with
office.
Assembly and conference halls. 7 Common rooms.
7 Dining rooms. 42 Bedrooms. 15 Bathrooms. Self-
contained flat and service accommodation. Ancillary
buildings including Sports Hall, Boathouse and
Slipway. Classrooms. Workshops. Si ores. Lodge.
Bungalow. Summcrhnuse/Cottage. Swimming pool.
Playing field of about Hi acres.
ABOUT 24 J ACRES 110 HECTARES)
Joint Agents:
HUMBERTS. London Office (Tel: 01-242 3121) and
KNIGHT FRANK & RUTLEY. London Office
(Tel: 01-629 SI 71)
(PR/69561 )
WlJti Vacant Pouasien
FOR SALE BY PRIVATE TREATY
SCARBOROUGH
NORTH YORKSHIRE
OX PASTURE HALL FARM
180 ACRES
lem to handle given the fact
there has to be a safeguard so
that personal judgment is
never impaired.
selectors to their particular
players. ;
'Whatever the .result it Will
surely-be unthiiikable that selec-
If one were to ask any player . tors as a species^ should become
the quality he -sought most in as worried about the .result as
selectors I am sure -he would the players. ’ That really would
say: “Honesty." I. recall the be taking things too -'far and too
story of the -Welsh scrum half seriously; .'But then I suppose
who had been dropped but ..in .the ‘ modern gbrne has been
turn was cnnsoled by each of taken tod far- and too seriously.
Situ (ted within a miiq ol Scarborough,
within the North Yorkshire Moors
National park, this useful, well drained
and productive small tarm with excel-
lent farm buddings includes a particu-
larly attractive none bunt and pantlled
gentleman's residence in cttellent con-
dmon and decorative o,der throughout
The house sands in landscaped
gardens with courtyard garden ta the
rear surrounded *v original rtonn
buildings. The residence accommoda-
tion includes 5 reception roams, large
modern fitted kitchen with laundry.
7 bedrooms. 4 bathrooms .office, etc.,
all well caoable of conversion to two
houses or residence and service
cottage.
««•»* ,*nd nnc« on application
from the sole agents:
forthcoming events
BOULTON A COOPER LTD.,
St. Michael's House, Mai ton.
N. Yorks. Tel. Mattox 27 SI
. w Knight Enank&Rutley
j JT 20 Hanover Square London W1R OAH
“T K k Telephone 01-629 8171 Telex 265384
SMITH- WOOLLEY
Chartered Surveyors
116 Kensington Hi ah Street. London ,W8 7 RW
Telephone: 01-937 7244 .Telex: 8955820
For buying, selling, renting or managing
REAL ESTATE
in the
PRINCIPALITY of MONACO
consult:
AGEDI
(J. de Beer, Ptaidant)
"L'Aitoria" (Stfi Floor j, 26 bis Bid. Princewe Charfotta
Monte-Carlo, PRINCIPALITY OF MONACO
ttl. : (931 50.66.00 - Telex : 479417 MC.
Exclusive Representative for the Principality of Monaco qf
SOTHEBY'S INTERNATIONAL REALTY
Free documentation upon request.
SWITZERLAND
FOREIGNERS can -buy apart-
ments on LAKE GENEVA, in
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FINANCING UP TO 50-70%
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. Wrftt W
Developer c/o Globe Plan'S A
Man-flgpos 2A
1005 lauunfw.Swhzerfgnd
Tel: (021) 22 35 12
Telex: 2$ 185 melis eh
MANORIAL PROPERTY
COTE D’AZUR, CANNES
KIMPTON HERTFORDSHIRE
Wefwtnj 5 miles. London: hr. ClraiiU
Outstanding Country House
In Parkland Setting
c. 5 bedroom,. 2 bathrooms.
Staff Oat. Gardens, stabling- Paddock*
G.3S Acres
Gukfa Price: £145.000
Details: Chcynevs Ledge. Ajhwell.
Saldoefc. Herts.
Tc/ £='!!■«:» '0462741 2401
^4Jr._Answcrnhone
London. Ash well fHerts.l. Bath,
Woodstock. Norwich, Coll Ingham
fflDttSJI
Soccen FA Cup, 4tli xwrnd, and Scottirii FA Cup, 3r<L round.
January 23. , . - .
Rugby Union: Ji>hn Playwr Cup, 3rd round, January 23.
Siding: World Cup. men's giant slalom (Adeiboden, Switztf-
,h nd ;v Januaiy 19 - World Cup. women’s downhill and slalom
(Bad Gastrin, Austria); January 19-20. "World Cup, women's
slalom {Berchtesgaden, Germany). January 23. World Cub.
-mens slalom (Wengen. Switzerland). January 23-24. World
Cup jumping (Thunder Bay. Canada), January 23-24.
Cricket: Central Zone v England (Indore, India), January 22-24.
Motor Racing: South African Grand Prii'(Ryalaani), January 23.
Rallying: Monte Carlo Rally, to January 23.
Tennis: U.S. Pro Indoor champs (Philadelphia),; January' 254U.'-
SNOW REPORTS
EUROPE
Arosa (Sw.)
175m above sea level with magnificent panoramic view of the
Mediterranean and the Esterel mountains. Luxurious villa with
separate guest apartment and staff quarters. Located in an
an .exchanging landscaped park with palms and swimming pool.
Only 20 min. drive to Nice airport.
A unique opportunity— to be sold for personal reasons directly
from owner. Only seriously interested parties write to Box
T5599. Financial Times. 10 Cannon Street, ECP4 4BT.
AMERICAN
EXECUTIVES
" T0Sa ,i Sw> * 130-189 cm Powder on-hard baise-. ' - '
Crans-Montana^ ( Sw.) : 110-200- cm Good.skiing on' upper slopes- . :■
Gnndelwald (Sw.). ... 20-140 cm Bower icy. . More snow needed;
^rren (Sw.) 85- ISO cm -Fine -coalitions- ^ - ^
90-160- cm Ample- snow. Ghhrt.«klf^g - -
at- Mantt (Sw.) ...... 110-220 cm "W-orii' patches on. lower sIocbbs!'
Zermait (Sw.) .I10-200 cm ■ Skiing good above -2^500 in^tos.
Courmayeur (It.)'. 155-270' cm -Excellent. -Some ice. . ■ • -•••. X
seek luxury furnished flats of
houses up to £350 per week
Usual fees required
Phillips Kay & Lewis
01-S39 2245
Selva (It) .... 65-145 cm Worn patches. on ?owerrslopes. .
Sauze d Oulx (li.) . ... SO- 80, cm Icy -but improving.', j . - ■: - ‘
t A J.fr ? vlt-) • — SO. 80. cm Icy -but : improving.' : - : 7 ; ,
(A.U5.) 130-250 cm- Lower slopes, icy -UppeF .good;
wiSSf heI # , lAu ? ) :cn ^ SimShine .and - excellent -akflns. ' •
Agricultural Investment Property
Bonny, Notts.
113 Acre Freehold Farm
GUERNSEY offers »w taxation — stable
BovemnvMH . — British wav of life. Pgr
froe " Settling in Guernsey " book plus
laige choice of homes from Ca 0,000
w La— , /-www ^.'.cni stmshme .antTexcelTeot -skiing.
Nlederau (Aus.) 120- 170 ,cm JVew snow.on hard-base. ^ 5-.
If (Aus.)- .,..125-165 cm Pawder-, rush : to resort -
r5:,^ ,r, A? n . -.23(M30 cm Excellent skiing evarvx«h«-H.
(upwards) contact Lovell * Partners.
Est. lift. Smith Street St Peter Port.
FOR SALE BY TENDER
SHOULER & SON,
43 Nottiogbam Street, Mellon Mowbray, Leics - Tel: 601S1
Est. smith street 5t Peter Port.
Tel: 0481 25636.
THE FLORIDA CENTRE. A permanent
exhibition or property and complete
advteofy service far I iwe» orient in
Florida. Onen every day. 10.00 am
tp 4.00 pm. 43. conduit Street. Wtr
3FB. Telephone: 01*139 Z626 (24
hrs.l 01-434 3328.
MATS have always had a Boot) selection
ol properties to rent In South West
London. Surrey and Berkshire. Tel.
Oxshatt 3011. Trie* 6055112.
iwn (A«s.) ..T;.:23° , 4SO cm Excellent skUng evurmhete.
Iso la*f Fr. > : ... . ‘TS O-lg cm 'New snow or* icy bMe.^ '.' - . -1
Les Arra fFr.) 135-220 cm - Some :low«r' slopes icy;' ■ <L' :
Flaine fFrj. 130-415’ cm Good- skiing. on plstkr vr,---.' . .'
Lb Plagne (Fr.). ...^il9O-340 env Lower slopesiity. ■' . :
Tjgnes (Fr.) ^ .130:160: -cm - Spring aiow-dff-rij^.-' s"-'*
European reports. -.from -SW (Sub. of Great . BritaiD represH&itives.''. >
THE U.S. -t.j:
............32- 69 ins ; ; N6w an ow -on'packed YmwdBrl " r 7-
New snow-pn unaciunebSle. ‘
«uu«r i; ........ se ms New snow ton mMdune' biM. - ' ;
Park City (UL) 30- .34- tns -Packed ■ powder. ■ v -J !"
Stowe (Vt.) i , .'...i’.33* 74' ins . vNew- snow. natfr*
QUAUTY FURNISHED Njuim and Bats
to let. Essex and North-East London.
Forest Bureau. 01-502 1717I53D 4314.
Stowe (Vt) .a'.K- 74' ins -,Nfew-:«iww. Powder- arfipadsed-
Squaw Valley. (Cala) ^.4&X2&- ins: ,: Packe’d p owdef, 1 "
Sugarbush CVt) vlff. 50J5ns . New snow' :on f4cked j>dwdor,
Figures indicate' snow depths at tdp^ '*nxt bottom’
y.'V ,.U‘
9
BRIDGE
■ .l *
V
cofljpKt, At trick two South
to tiie spade Queen, and
- — —.-=«<■; »•,:• i w " -n>~« ; «8; cluh..If East plays the
- ’ * »-> '.' •••'•j 1 ?"■' * •: : 1 #S c F er h *s three set up
- ,»«fe*-teeks, and that. is enough.
- ' -Jhfe^^ fte.aaa /purposes. If East ducks,
■■ {•g^ agaarer, with one -.ddb
'Si'*. w tw bag, switches to a
TODAYS • Twf) m> two. tricks in
from a team-aMter *“*■ ““ line of play
start. with • thiyv v. }£j»*res the contract wen if
*?• ■•*3W started with five
’• a -.- ^di a mo n ds and -both missing
Vy •>... r Later on this deal occurred:
. ... V- ', \ JT
Cognac has its problems I The spray of success
WINE
* j82 \ : i- ■■
ojk /’ '
- . . .. :■
West, -io«f ^peoecF ffiefeidding
with oae - wSfe : North replied
with "twa-h&^itod the. opener/
EDMUND ntINIMQ-ROWSBLL
. * J93
■■■'■• AK75
v:‘-‘ 010 872
+104
• W E '
+82 ' ■ +75 -
9J109-2. <3864 ' -
0 J 5 4 . O K9 3
+AQ73 . + J9862 •■■■
-■'■■•• s- ■■
+ AKQ1064
. . <?Q3 .
•OAQ6 '•
. *K5 "
' .With., both ...sides vulnerable.
is that if they had not, others Bois and Bois Ordinaires
elsewhere in France would have districts, whose distiling posi-
done so. tion have become increasingly
This, however, is only one precarious, although they
of the problems that the cognac engage in other forms of agri-
industry has been faced with culture.
in the past decade. It is. one
must bear in mind, an export
The average vineyard holding
in the two Charente depart-
jurap&fr^m:-$m£~-i} 0 ' trumps*— South dealt arid ted two spades,
no on cpifi«f :9dK .the' -bidding: North said three -spades, and
‘“COGNAC. PLEASE, not industiy. In 198081, 82 per cent meats is 3.81 ha, but many own
brandy 1 ’ said a head of one of <“ Jj® sales were abroad. less than 1 ha, and very few
Cognac's most distinguished Whereas since the last war among the 27,000 growers who
houses, after I had, without domestic demand has Increased produce wine for cognac have
thought, used the latter term. ®bout four times in volume, ex- more than SO ha. This transfer
Yet, after all for a good, two "? ve . nsen ei S ht times, tax has now largely bepn
centuries to us in Britain w ‘ th a b *S Jump recently, owing abandoned, higher amounts per
brandy meant cognac, for which largely to a surge in demand in ha may now he distilled,
Uadltionally wc were much the J£} e ® n ,® ™e Far East, especially in the top areas, and
largest customer; although in Thames partly to a reduction the stock level Is down to six
the last two years we have had “ duties, the u.S. seems and- years' sales,
to surrender that title to the denly to have taken to cognac. Nevertheless, Cognac has
U.S. * ** I* , , t0 £" ampfi;Sne * T ? e now again been hit by reces-
The distiller's correction, 1980*81 sales there were nearly i n the campaign year
does, however, show the. com- 50 P e £ 5“* teener than two ending last August world, sales
West ied mt - sue of .diamonds. South rehid •fair diamonds. does, however, show the com- P e £ f 611 * higher chan two ending last August world sales
and the 10 won.- At trick two Over North’s four hearts, South petition felt today in the region Years before, we are in second fell by nearly 2 per cent: to a
the declarer- led.-a heftrf to the quietly rebld‘ four spades, but where the best brandy in the Place, -with Germany, coming ud total of 14S.73m bottles, and
Knave; East; won and /returned when North tried again with world Is made. This is not to «®t, Sn third. rather more in the Freneh
fast, in third.
a diamond 'fo- the ^ Queen And five beam. South said sis I say that all the brandy des-- (The cost of a new oak cask
rather more in the Freneh
market than abroad. For con-
King. West then ied the nine to spades. Ip the other room the patched from the Charente is for Bordeaux is FFr 1,150 not txajry to what innocent visitors
t rie^ltis ririt^Wiiming-wto the- same contract was readbedL The better than any other. Good £1,150 as given in. a recent may expect cognac is very
Ace, South. -crossed to the heart West in 4ach room led the armagnac, for - example, is article.) heavily taxed there: FFr 18.58
- v 1J: ' Queen, and Cashed tixe King, but heart-. Knave, and the play to superior to indiferent cognac; The success story of cognac on a standard bottle, plus 17.6
r ; r ; J - '' <‘; 5 West showed oat : After run- the first fbur tricks was the but there are few if any other has been marred by one im- per cent VAT. And additional
-^7- ning. of hid. fo^ff Spade 'tricks, same. ’ rivals in quality. portant factor: the industry— taxes are now feared. Abroad,
tbe- declarer: led a; clid), tout One South took the lead in Curiously enough, much of growers
•' ** ill
:: 'Z^£
■ ’ -w 4 ; 5 1
i • ■ >
• \
... ‘V J ^-
_ ■ • 7* *: k
■ " : iC,
■ ■* > ^
J •.■’7V.
- "
rvENTS
ning. of hIS. :ftysr Spade tricam, same. ’ rivals in tjuality. portant factor: the industry— taxes are now feared. Abroad,
the- declarer: led -a; did), tout One South took the lead in Curiously enough, much of growers and merchants alike — even the U.S. market dropped
West took bis Aoe at.'once, and band, drew two rounds of cognac’s competition comes is overstocked, partly, indeed, the better part of a million .
defeated the contract with his trumps with Ace and Knave, from within its own borders or through its own fault In 1960 bottles, to 23.5m, while our
established, dianirads. and led a diamond, finessing from its own producers and the area under white grapes imports fell by 162 per cent
- -'In. tito.otherKHmi"tiie bidding the Queen. He' now cashed the merchants. The rival, particu- eligible for distillation totalled to 14.66m bottles. Yet the value
and the opening' Jead were the Ace, King of hearts, throwing iarly here in Britain, is pare 47,0d0 hectares; by 1977 it of cognac exports rose by nearly
same, out the play diverged at his low diamond, - and led a grape brandy and a very large reached 97,000 hectares (about 17 per cent to FFr 3,547m.
.^*1^. The declarer led, hot <sh»b. West had the Ace, and proportion of it is sold by sub- the same as the very large Maybe the consumer is
a -heart, but. a cldb. and that was one down. sidiaries of cognac houses. Al- Gironde area), and would have temporarily benefiting from the
dummy's Queen won. When a The other South showed more though it had a sale here be- passed the 100,000 mark had it rise in age levels and securing
,<atu> was returned. East showed, imagination. At trick five be fore the last war largely for not been for a stringent cam- older cognacs. In’ any case the
opt,, and . Wejjt took the Knave cashed his diamond Ace, and brandy and soda, only in the paign of uprooting vines in the leading firms, which does' not
with, bis Are.. He couhd nett, ■ jan off bis foor trumps. The last decade has it increasingly outlying districts. By the end necessarily mean just the
however; - ^continue with TaSt trump forced West to throw come into competition with of next year 7,500 hectares will bigger houses, draw most of
not been for a stringent cam- older cognacs. In any case, the
paign of uprooting vines in the leading firms, which does' not
however; • -- -continue .with Tasfctrump forced West to throw come
diamonds, and the "tempo thus the club Queen, but South cognac.
outlying districts. By the end necessarily mean just the
of next year 7,500 hectares will bigger houses, draw most of
gained allowed
to eould not profit from this as he J in 1971 pure grape brandy
have been pulled up.
their cognac from the three
dislodge the heart Ace -and had.no entry back to hand— he, ( imports here amounted to only
mge hjs couplet with an over- too. went down. 230.000 cases, compared with and BorderirerplmTa certahi
-trick. . .. The correct line is to cash about 125m cases of cognac. By amount from the Fins Bois the
Did.. the second declarer de- the diamond Ace at trick five, 1976, after the mid-1970s slump biggest district encircling’ the
serve bis success?',. No. he then cash Ace. King of hearts, that badly affected cognac, the ^ rtf*!
played badly, but he was lucky discarding the six of diamonds, ouantity had risen to around ^ c s , ; ^ a much of the lesser but sound
to find W est with the -club Ace. Dummy’s eight of diamonds is 720.000 cases, whereas cognac shortege of copac. A 1
K be had found East with the ruffed", and with the 3-3 break, accounted for just under 12m * ury ^ ' . ,
four otobs, and West with the the ten is good, and that is the cases. Then by last year the . ev ® n ^5°^ awal 1 t iS? qi In theory thre&«tar must be
*«• "•““I?..?; *n*r *«!>l had. reached tSnw SS’JSliMSS — i^5K. ,l ?2
An increase in vineyards was ma,n areas of Grande
reasonable in line with rising Champagne Petite Champagne
world sales, but at the begin- an d Borderies; plus a certain
ning of the 70s, as happened amount from the Fins Bois, the
defeated.
sot break, then East is played
Correct technique lands the for- the club Ace.
13 B-K3, N-X2? 14 NxP!
Kupreychick played quickly
840000 ‘easts with the comae 21141 1977 ^ vtee J* rd area nw® for VSOP and a further two
01 016 0081130 by nearly half. Then the energy years to permit the use of the
° n f -in, 1 rvnt “Isis hit the world, and sales misleading term, Napoleon.
Sv feU sharply, especially on the Whine the argument continues
ex P° rt market (dovraf 20 per about wbetbefiTwas the first
Srign afftoSE °Sfi e W l 1973 Md 19 J 4) ' Napole<m was so
fJEaTZLTzlJL and stocks from an expanding devoted to cognac, ihe descrap-
include armagnac in the brandy
totals; but. the trend is clear.)
area rose. Fot, apart from any- tion on a bottle today means
The reason for the increase in 2&.S5* ^ it os n« less than 6i yemx
: V upset by St-Emihon grapi from which old-io great age for V fine
•• UX3MARD &ARDEM Short’s: instant. -answer. He Sn relation to cognac Is one of nearly all cognac w distmed^ is cognac. However, most of the
lAwumiwKwn . looked at the board in dis- AtoonTP.flSree-star coa- very high; over 100 hectolitres reputable houses keep their
■SnSSiBH. belief, . rocked back - in his £ ac now not mucb less per hectare in most years, and cognacs for several years more
. ; . chair/ then settled down for a £9 a bottle and often more, sometimes much higher. This than the legal minimum.
at ftrciT iwniis in harii think. It is embarrassing whereas the pure grape is at ls ^i^ oirt . output of dry Today there is a mucb bigger
:Sh£h for > Soviet GM to Ml Into a least & aper in the super- j^.jj??* !rapes m ad30lDm demand for the superior quadi-
variant ;o*- -*+• »MI markets andSff-licences where ^ G*onde. ties than before the last war.
Legal mp. If B?Q', 15 N-Q7 ch, most' of It is sold. In quality The acceptable average age when little but three-star was
frjfiAc flrmffit' ^ . NxQ ch and !7 KxB wing a there is no comparison, for pure of cognac stocks in the Charente sold, whereas today at least
/good. pawn 'tor White. Black’s ^ pe brandy is a highly recti- is 4j years, but the combination 15 per rent of VSOP quality is
itht ‘ choice , ra the game is Uttle fie(3 spirit, with some of the ' of slump and higher output sold; plus appreciable amounts
better.; esthers detectable in young raise dthem to an insupportable of the -special Wends such as
14 . ... PtN; IS QxB, P-B^; neutral spirit To eive it soma 8 years. However the cognac Hennessy’s and WEarteUs XO.
sooec ccrarws - - as required.: 5R n ns rnrD- vr PkO « N-N3-
&nydy, the;^e^ ^vorid SfiffiiaEj* wffntQlS
Uovds X^°a few 35 ^ P er ® ut f° r limit production, with a ceiling average age of 20 to 30 years,
re^ rt Uoyds BanJc a few K-Bl; 22 R-N5, P-R5; 23 R-B5. it is on ] y as a mixer, for of 10 hi of distilled wine per In terms of the cognac con-
esthers detectable in young raise dthem to an insupportable of the 'special Wends such as
neutral spirit To give it soma 8 years. However the cognac Hennessy’s and MarteUs XO,
flavour- a proportion of cognac trade is basically well organised. Bine Antique and Delamaln’s
is Wended in; it.can be as high and In 1976 it took steps to Pale and Dry, which have an
months ago-.
23 F-QB4, B-Q5; 24 R-R5 is
^hine play - 111 ^ game ’ Knpr€ycll t l<ik the Christmas pudding.
' ^ eates <^ eT0US counter- Why, it may be asked
chances, • _ Coenacais set up a rival
Hastings congresses.
23 . . . K-KB3; 24 RxR, PxK;
English players, all five of thgm one n nnr-'ng p-N5_ K-K2-
“ p^Bt1?B5- 6 chT S kS;
SrSStS
w-ftia “ tjmwi " mntiiinprj nnlv Xi-yW- . . ....
example with brandy and soda ha, of which only 4) hi could tained, the Wends of VSOP and
or ginger; or for illuminating be cognac, and only 3j hi be upwards are better value than
the Christmas pudding. sold. A tax was imposed on three-star, as will be pointed
Why, it may be asked, did the those who produced more, and cut in a further article on the
Cognacais set up a rival to their most of this was banded over production and appreciation of
superior product? Their answer to the growers of the outer Bon cognac.
yet the 7 team ” contained only
one of out five -recognised GMs.
Final results Kupreychick
Where to buy new plants?
Now it’s a pawn race which
Short wins by a bead.
34 ; . B-N5; 35 RxP, K-N7;
(USSR) 9, Smyslov (USSR) And » • £££■£? £*£» ffW
POSITION No. 406
(flam)
GARDENING
ARTHUR HEU-YER
3.000 species. The Scottish Gar- Sambucus nigra Fnictu Lute o,
den Club also handles a sub- the yellow fruited elderberry,
stantial quantity of seed every Chusquea culeou. an unusual
year. The secretaries of these bamboo with solid canes, Zcm-
two . societies are respectively tedeschia angustiloba, a yellow
Mr E. M. Upward, Lye End arum HJy trom Angola, and
Link, St Johns, Woking, Surrey Echium c andicans, a tall silvery
and Mrs L Simpson, 2 Dal- leaved borage from Madeira.
rymple- Crescent Edinburgh.
THEM HAS ALWAVS been “ThSe Ji ’ many' ?fter
some conflict of ^interest societies devoted to the Interests Plants and Gardens, which has
between those who write about 0 f such very diverse plants as its office at the Royal Horti-
plants and those who sell them, geraniums, fuchsias, dahlias, cultural Society’s garden at
Writers consider rt part of their chrysanthemums, delphiniums, Wisley Surrey is increasingly
Job to describe .plants vddeh roses, carnations, sweet peas, aw e t o h e i p in finding scarce
they consider good irrespective daffodils, cyclamen, cacti and plants. Many of its members
of - their availability, whereas succulents' (three separate are now compiling lists of all
commercial growers find it a organisations one devoted the plants they can find in nur-
nmsance to be -asked tor plants exclusively to mammilarias) series an d gardens. National
or seeds they do not have. . Tp irises, trees (the International collections of some important
this the writers reply that it Dendrology Society;, heathers, genera are being formed and
is up to the growers to acquire camellias, .orchids (two those who have scarce plants
new or scarce plants if they societies), auriculas and are being encouraged to increase
are good and that by publicas- primulas. ' violas . and pansies ^ distribute them or to
ing them they are widening the (three societies one based in entrust them to others willing
potential market for nur sery- London, another in the Midlands tp do so In these ways, one
men and seedsmen to exploit and the third in Scotland), ferns may hope, scarce plants wfll
The customer gets little com- (the • British Pteridological gradually become better known
fort from either side and must Society), saintpualias and house- ana more readily available,
sometimes feel exasperated with plants, herbs and vegetables. The owners of many private
The owners of many private
both. I am often asked why Although few of these operate gardens which are opened to the
Moonen. v Dr Euwe,' Dutch I do not say where the various distribution schemes coxnpar- pu bii C are finding it both in-
ague 1981/ A diagram with a slants I mention can be pur- able to those I have mentioned, teresting and profitable to pro-
IT! -I. in " >. 1 ' J J. .u.. >U .W. ___ Mil nftc * n TMIt TnMnihPTI! in , ..n - __n
son' (Sweden - ) and Mc st e l pm-n.!*' oSffi ch ARTHUR HfiLLYER ^ .societies are respectively tedeschia ongustiioba, a yellow
.(England) Lein ^. r A. M v. lJpw .^ d ,l > Ly ^__ Enci trom Angola, and
(England) 7, Taulbut (England) ieave a oorage irom maaeixa.
61. Ldttlewood (England) kS)3- ^Q-B7 at ways W^ple- Crescent, Edinburgh The recently formed National
Chandler (New Zealand) ^ 5, Kx^ 44 Q-B8 ch. KQ3, 45 Q-B7 there HAS . ALWAYS 1 bemj There axe mmiy otiier Council tor the Conservation of
Christiansen (U.S.) 44. Hee MtB - some conflict of .^uiterest societies devoted to the Interests Plants and Gardens, which has
' (HoDand) and Szabo (Hungary) between those who write about 0 f such very diverse plants as lte offi ce at th e Royal Horti-
1 - • . POSITION No. 406 plants and those who sell them, geraniums, fuchsias, dahlias, cultural Society’s garden at
Nigel Short climaxed a fine ' . Writers consider it part of their chrysanthem um s, delphiniums, Wisley. Surrey, is increasingly
recovery from a poor start by
drawing, a 71-move defensive
inarathdn against Smyslov and -
'by defeating Kupreychick. Short .
perforined at a 2500 grand-
master rating level both in tbe
SciSys hai^rirational at Brighton
just before Christmas and also
at Hastings. It was bis most
important ■ advance since he
made headlines as a boy
prodigy, for tiH now only
Fischer, Spassky, Meckmg and
Kasparov among the greatest
players have ever achieved
2500 strength at age 16.
• T*» book - Nwjel pROtr. OOta. a *un mxcu «b»iwi »UJ C" — suroens ffiuta «re opeuw iu ue
y^TzL-: rLndiou (Faber) his Moonen. v Dr Euwe, Dutch I do not say where the various distribution schemes compar- pu bU C are finding it both in-!
that Nigel’s league 1981/ A diagram with a plants I mention can be pur- able to those I have mentioned, teresting and profitable to pro- i
are- **to become melancholy sigitificaiice: it was chased and to that there are they can often put members in pagate and sell a selection of
wmdmastiear and go on the finish 6£ the last match several answers. Most plants touch with others who have then- best plants and for some ,
r-haxa Dion ship of game played by Holland’s great are available from many sources spare plants or seeds or they this has developed into a small J
” If that works out ex-world champion before his and It would be invidious to may know where they can be business. Few offer plants by i
rtUSfiVet tournament win death. Heavy piece (queen and mention one or two and im- obtained commeraMly. The mail or even prepare catalogues
soviet GM will gain rook) endings were always one possible to name them all. If addresses of all these scae ties and so it is necessary to go to
°^La KiSShSt ^S tHtance. ■ of bis specialities. Here as plants are really scarce I may are given ra the Royal. fforti- ^ garde ii, see what is there
Short Black (to move) Euwe jg three not know where they can be cuttm^l Society s po cket Diai-y aM bring home what one wants.
Riadc- Viktor pawns up, but White’s pieces obtained yet I may stdi write and Notebook which ««« £T85 Wasted Journeys can be reduced
fUSSR) opening: have combined with an about them in the hope that it from boo^ps or £2.10, post by consulting “Green Pages’
S?J5IE Kirri’c Defence QCL appaxently decisive counter- will stimulate some enterpris- f ree^ from RHS Enterprises Ltd, ^ this includes many of these
Rny Lope^ Biras ^ SxKNP. ing-finn to grow them and also Dept C,- PA. Box 2, Feltham, semi-prof essional nurseries.
2 N-KB3, What did Euwe play, and how because there are other ways Middlesex. They are also even Even this does not exhaust
Ttos did ihe game go? than purchase of getting new or in a very useful httle book the list of possible places to
N-QB3; 3 jWjS, N-Q5. . scarceplants. published a couple of years ago find plants that ore not readily
wS^SsfeB rmuum^-m \ MMS JSSTSJSffME
a century ago. Several Russians I 61 ? nex P l . u ".. “ » fTt»iniv.i*onnemed with *v~.» i«--
have liked its / concept- of
active play, though the general
verdict remains- that the boo.
is oue of the .weaker deferices
bSI (Short rarely Plays
main line theory, in this case
4NxN), B^4; 5 P-Q3, O-gS:
6 QN-Q2, FQN4; 7 B-N3,
P-Q3; 8 NxN, . BxN; 9 W
B-N5; 10 P-B3, 0NK.Z1 P-Q® 4 .
PxP; lr RxRP ch. K-BL .
White looks - to be- nnder
pressure. IT- he castles, Black
can atock oh the pinned knight .
by N-K2-N3-R5 when White’s . .
P-KR3 is answered by . .. -. _ . moves, i fatow^ru^W^The Alpine Gar- have been unable to buy. The moment the annual subscription
P-KR4; offerings the 'bishop £qr White ^t* 0 **®. .. . society which involves the December issue carried re- in sterling works out at £7.61.
a dedsive attack. Short’s next agarast any defence (by . J, dm ^eo^mcn inv ^ -diverse things If all else fails it is worth a
MOTORING
STUART MARSHALL
DESPITE THE doom-laden
forecasts, my 500 miles round
trip from Kent to Yorkshire
last Sunday could not have been
earner. The worst conditions
were on local roads between my
home and the A21; the lightly
trafficked Ml had been ploughed
clear from hard shoulder to
centre reservation and was
swimming in salt
In fact, spray was the only
problem. The screenwashers
were in almost continuous use
and the service areas were
doing a roaring trade in anti-
freeze additives. But even with
a double dose, It was so cold
that the wiper blades .and jets
kept icing up. One had to stop
every 20 miles to dear them.
An obliging waitress at the
Post House Turnpike restaurant
at Crick, near Rugby, where
three of us lunched extremely
well for- a little over f 18, pro-
duced a bottle of meths and
water and my troubles were
over. There is no better
screenwash antifreeze than one-
third meths, two-thirds water.
I won’t be without a spare litre
or two in my boot while this
arctic spell continues.
Those daily stories of diesel
vehicles stranded with frozen
fuel are untrue. Derv does not
freeze; the paraffin wax in it
crystallises and blocks the
filter. The problem is easily-
avoided. I have had no trouble
with my Peugeot diesel this
winter because I have used an
additive that lowers the tem-
perature at which crystallisa-
tion occurs. -
Peugeot recommend Pro-
Fluid. A small can to treat up
to 60 litres of Derv costs 75p
in any French hypermorehS
though- it is hard to find here.
I have been using— and strongly l
recommend— Antigel Garoic, j
obtainable from Renault dealers
in Britain, (Ask for part (
number 77 01 403 600.) A
JE2.70 squeeze bottle holds 12 ,
doses, each enough to protect
2G litres of Derv down, to minus
20 deg C. For even lower
temperatures, double the dose.
In emergency, one can safely if
unlawfully mix a gallon of
paraffin with very four of Derv
to avoid crystallisation. But
whatever you add, do it before
trouble arises. It is a preven-
tive, not a cure.
Supermarket service
HAVING revolutionised cross-
Channel transportation for the
motorist, most recently with
their jumbCHsized ferries,
Townsend-Thoresen are aiming
to do something similar with car
servicing. The first of what will
become a chain of Auto-Centres
providing while-you-wait lubri-
cation, engine tuning, tyre, bat-
tery and exhaust replacement
and so on opens in Milton
Keynes in June.
This U-S.-sty*e car service
centre will bring 28 retail units
under one roof. National mul-
tiples will almost certainly run
the tyre and exhaust replace-
ment outlets but the mechanical
and body repair shops will be
operated by local traders.
A petrol station already
adjoins the four-acre site but
there are, understand, no plans
to link U with a grocery or
household stare. So motorists
will be able to buy motoring-
related items like accessories
while they are having their cars
attended to but won't be able to
do the week’s shopping.
It is all part of a growing
trend which can only be bad
news for the traditional kind
of repair garage. Just as the
supermarket has almost killed
off the family grocer, the
Townsend-Thoresen centres may
mean that general garages in
their locality will survive only
if they can offer some out-of-the-
ordinary service.
That gentlemen's agreement
restricting sales of Japanese
cars in Britain realty most be
working. This week Datsun
launched the Stanza — their
most important and sig-
nificant new model introduc-
tion for several years —
without any kind of Press
preview. " We are so short of
cars that every single one had
to go to our dealers.” said a
man at Datsun’s Worthing
headquarters when 1 asked if
1 could try one. So for the
time being I can only report
that the Stanza Is a
thoroughly European looking
ear with Ford Escort over-
tones that replaces the former
Violet.
It is being offered as a
three-door or five-door hatch-
back or four-door saloon.
Buyers have a choice of L6 or
1.8 litre overhead camshaft
engines producing 81 and 88
horsepower respectively.
Transmissions are four or five-
speed manual (both with
economy overdrive top gears)
or a three-speed automatic.
The engines, of completely
new design, are said to be
exceptionally small and light
for their capacity. T hey are
mounted sideways in what has
TRAVEL
VILLAS IN ROMANTIC SETTINGS
— ^ THAT’S THE MAGIC OF ITALY
For lovers, for families, wb have sal acted a beautiful variety of Villas in
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In the exquisite hillside setting of Ravello, we have discovered tire Villen*
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And ?n th* ancient fishing port of Cefaiu in Sicily with Its marvellous
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the beach. And bacause the Sicilian weather is so mild, you can go ail
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become the classic front-wheel
drive layout.
Datsun claim that scientific
weight shedding as well as
good aerodynamics . and very
high gearing make the Stanza
more economical than most
rivals, with the five-speed 1.6
litre achieving 52.4 mpg at a
constant 56 mph. Prices will
give Ford, GM and other
European producers no com-
fort The cheapest four-speed,
1.6 Stanza saloon is £4.485;
the 12 SGL automatic five-
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wheels and power steering
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HXEMf®
.FliSHTS
MAJORCA £85
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MENORCA £92
IBIZA £87
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Travel Agere. N^SiA^v
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LIVE LIKE A PRINCE
IN GREECE
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jpsaz of HxtuVA*. ■ ■ to? -Arm ro grow mem sutu aiau u*v -• - — r — 1 BenH-proiessiDiiai nunmo. PlkllAATIAIKAI
What did Euwe play, and how because there are other ways Middlesex. They are also &ven Even this does not exhaust CUUIrAIII/liAL
* IF j| * ■ * - — an A YtoPIT TlCOnf] llltt lA fVUtK AL . 1 Z * A ^
did the game go?
PROBLEM No, 406
BLACK 3 mat)
than purchase of getting new or in a very useful tittle book the list of possible places to
scarce plants. published a couple of years ago fin d plants that are not readily
Some specialist societies are by Granada PUM^hrag <aUed available. Some botanic gar-
verv-hdnful. The Hardy Plant Green Pages. This costs fi ens h ave see d lists and though
Society which is neither a very and is mainly ■ concerned witn ; these are usually nrimariJy in-'
PERSONAL
mn^rnm
■ MM ■
Vrll 1
IwiTEiiOMi
its members an anniml task mation as it gives a short acount have belonged to The Botanical
" which would not be possible of each nursery Society of South Africa, based
without the cooperation of the exactly where it is, what Mnd at ithe Kirstenbosch Botanic
' Northern Home Counties of plants it specialises ffl, when Garden, Claremont, Cape
Group one of several regional it is best visited and when Province, because X am to-
erotios formed by this very plants are available. terested in the extraordinarily
St^rising society. Its secre- The Howl _ Bortintitui^ varied South Africa floraand
farv is Mice B White, 10 SL Society itself has a seed dm- this society distributes seed to
BaxniAasBoad. Bmmer Green. trituHonsdieiie for its members. It wmUd.lBTe
Caversbam, Reading. and, in its monthly wd, been impossible to obtain in
Thfrekre oSer specialist The Garden, there is a Plants Britain of the plants I ,
socieities which have seed dis- Wanted ” column where mem- have been able to grow for my- j
- trffration schese. The biggest I bers can ask for any plants toey self from native seed. At the 1
i*n«tA mates in two moves, know is run by The Alpine Gar- have been unable to buy. The moment the annual subscription
SnSJbT STt: SS SU* the December issue ^ carried re- to sterling works out at £7.61.
is a routine developing move -Haitong).
whidi’- incorporates - a trap.
Solutions Page 12
* j annual production of about, quests for such -diverse things If all else fails it is worth a
' H 00,00 seed packets covering as Rose Claud, Iris Moonland. trial.
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Financial Times Saturday January 16 1982
BOOKS
we are
100
BY ANTHONY CURTIS
The Pooh Story Book
by A. A. Miicre, illustrated by
Ernest H. Shepard. Methuen
Children's Books. £3.95 (£1.00
paperback), 96 pages (published
February).
The Pooh Sketch Book
cdhed by Brian Sibley,
introduction by Dr Roy Strong,
Methuen Children's Books. £6.95
(published .tune).
Monday marks the centenary
of the birth of A. A.- Milne.
Teddy bears all oyer Britain
will be celebrating, so don’t
go .down to the woods on
Monday night If you happen
to be anywhere near Ashdown
Forest you might investigate a
part of it known as Gil's Lap
where you will find a glade
recently! laid out in. honour of
the founder and a plaque
inscribed with Milne's name.
Adult celebrations are muted:
there is no bunting and no
official biography; the latest
edition of The Pooh Story Book
does not appear until February,
and addicts will have to curb
their impatience until June to
get their paws on The Pooh
Sketch Book, edited by Brian
Sibley, wbicb will contain many
hitherto unpublished drawings
and sketches made by Ernest
Shepard between 1924 and 1928
from the collection bequeathed
bjvthe artist te -the Victoria and
Albert Museum.'
Tfie henefictaries of the^Pooh
Properties Trust. .-will be. hold-
ing .a dinner on Tuesday ^Ught
i n 4 the^ ^erusa tent ■ C-ham be r of
W&tmaister • Abbe*. They
include Christopher Milne, the
Royal Literary Fund, West-
minster School and The Garrick
Club.
That the posthumous career
of the Pooh properties should
be even more lucrative than the
books were in his lifetime
would, I suspect, be a source of
irritation to Milne.
lt'_ is easier in England
[wrote Milne in his auto-
biography Too Late Non:
(1939)] to make a reputation
than «to lose one. I wrote
four “ Children’s books,"
containing ' altogether. 1
suppose. 70,000 words — the
number of words in the aver-
age-length novel. Having said
good-bye to all that in 70.000
words, knowing that as far as
: I was"concerned the mode was'
outmoded, I gave up writing
children's books. I wanted to
escape from them as I had
once wanted to esbape from
Punch: as I have always
wanted to escape. In vain.
England expects the writer,
like the cobbler, to stick to {lis
last.
As Milne freely admitted, he
was' not ' inordinately fond' of
children. A friend who
stayed with the Milnes for
summer holidays in North
Wales when he was a boy bears
this out. Encountered in the
flesh by. a small boy. Milne was
nothing like the cosy avuncular
narrator of the Pooh stories. His
own son. in that brilliant
portrait of his father he gave us
in The Enchanted Places
(1974), revealed Milne's embar-
rassment at the huge postbag
which accrued from -Pooh every
week. • ; ’•
A hundred yea’rs after his
birth and 26 after his. death U
is perhaps (he moment, to ask
what, apart from Pooh, did he
write; and is any of it worth
reading today? He wrote a lot.
He was industrious as-weil as
bemg greatly gifted. His
literary career began at Cam-
bridge where he edited Granta
while taking the Mathematical
Tripos; after that he began lo
make his way in London literary
journalism, becoming a protege
of Rudie Chambers Lehmann.
Punch was- Milne’s natural
habitat. - !■»
• Jn. 1906, when JJumand
retired as Punch's editor, Owen
Seanien, his . suofcejssor, offered
Mitne the.; job of 'Assistant at
£250 a ydar plus extra payment
for his own contributions. In
1910 Mitne published his first
collection of Punch pieces in
book form: The Day’s Play; and
was admitted to the famous
Table on which he carved his
initials. In 1913 he married
Dorothy de Sfelincourr, daughter
of. the Wordsworth scholar and
his editor's- goddaughter. He
was beginning to Wander
whether one .day he. might not -
be editor of Punch - , himself
when the first war- came.,
Milne was commissioned into
the Royal WdrVicKsbire Regi-
ment as a Signals Officer. He
went Into action on the Somme
and at Loos; before that he
published a fantasy novel and
wrote a play which -he sent to
J. M. Barrie who liked it
Writing for the theatre became
his goal, but on coming out of
^* SL -asa».
Gullible’s travels
BY ERIK DE MAUNY
Political Pilgrims* Travels
of 'Western Intellectuals to
the Soviet Union, China and
Cuba 1928-1978
by Paul Hollander. Oxford
£15.00. 524 pages
regime in Cambodia. . pfcys was being t»rfonflfid. the
’ How can such aberrations be entire cast marched" _ on. stage -'
explained? The answer surely With a .'bright 'red .fc&hner
lies in a complex of emotional scribed: "To . the 1 brilliant
responses and political attitudes, master,' Bernard Shaw — a warm
In his preface; Professor welcome to Soviet soil.** . ..
Hollander speaks
Shaw's contemporaries'. Sidney.
•* nmaig.-rm of alienation and and Beatrice Webb, were shown.;
utopia-seeking peculiar to many a selective version of Soviet'.
— «- — - n onH ■ nivliTrl mT ■ +n ex-
The spectacle of human West era intellectuals," and reality, including a -visit; to a
fatuity is always painful, but suggests that this phenomenon model prison run by fije OGPU*
rarely has it been demonstrated has by no means run its course. 1 which transported ■them tototoc -
on such a vast scale as in Pro- It is true that the original image realms oF the higher, luna cy .- -
lessor Paul Hollander's study of of the Soviet Union has become That inveterate 'feUow-tj^veller,
-the relationship between liberal severely and irredeemably tar- Anna Louise Strong,’ also -looked
... . i • e.,«- r ■ w^ai..
0# Mistresses: Women, / V
Ait and Ideology
the relationship between liberal severely and irredeemably tar- Anna Louise Stroh g.’alio-lboked'j 3 £ 12 ^ S ^ 1 S 4 '
Western intellectuals and those nished over the past five upon the OGifU as a kawfly .PoIk^t., Ko u Ueage,
totalitarian societies which have decades, and that even the more organisation: solely benLon-'t&e- ...
intermittently been the object recem attractions of China have 'redemption of erripg sou^V " : ^ 1 ,: Cr-ritn?
of their reverent adulation. He begun to wear rather thin- But It would- seem tiiat tfris capa-- vvomairs worm- - .
■ -- '’ Wl
'a
- A. A. Milne: was he a serious writer ?
the army he reported for duty
again at Punch.
After a rather frosty inter-
view with Seaman, in the course
of which he was told he would
never be Editor, he resigned
from the staff and later from
the Table. He was now a free-
lance. though still contributing
to Punch. He wrote a poem
" Vespers ” the rights of which
he gave to his wife, who got it
published in the New York
magazine. Vanity Fair. It proved
to be an expensive present. He
wrote some mare verses for a
children's magazine and others
which were printed in Punch,
illustrated by Shepard. Soon
there were enough for a book.
When We Were Very Young.
and his reputation was made.
In the ten years before it went
into a cheap edition, half a
million copies were sold, and
several million more since.
I think [he said] that such
merit as _ attaches to the
verses . . * (as distinct from
the illustrations to which the
book is so obviously indebted)
was wan by taking pains:
. more pains, perhaps, than is
usual. Whatever else they '
lack, the verses are techni-
cally good.
It is a pity that much of this
tradition is inevitably ephem-
eral, the non-children’s verses
being tied usually to a now
forgotten event or personality.
Perhaps one way of celebrating
his centenary would have been
to have published an anthology
displaying his skills as an adult
versifier and parodist, which
were considerable. His spoof
review of the first night of
Hamlet, for example, is mast-
erly. His one and only detective
story. The Red House Mystery
(1922). was savagely attacked
by Raymond Chandler for its
glaring improbabilities; but it
had a very good run. It is still
defended by Julian Symons for
its charm. The one straight
grown-up novel of his I have
read. CMoc Marr (1946), about
a devastatingly attractive girl,
has much of the same quality,
but I cannot seriously recom-
mend it. Nor. alas, do 1 see
much future for his plays apart
from the perennial Toad (adap-
ted from Kenneth Grahame).
They possess everything that is
least acceptable in the theatre
today. They are bland, witty,
middle-class. well-mannered. ;
well-made, whimsical, and full j
of good acting parts.
In the 1920s and '30s Milne
became a pacifist and wrote
Peace With Honour: An
Enquiry into the War Conven-
tion (1934), to defend his pos-
ition. Its simplified arguments
and elegant prose read ' some-
what hollowly how. As the war
came he changed his tune.
When it seemed for all the
world as if his fellow-humorist
Wodehouse had broadcast for
the enemy. Milne wrote:
I beg him ... to realise
that though a genius may
grant himself an enviable
position above the battle
where civic and social respon-
sibilities ore concerned, there
are times when every man
has to come down into the
arena, pledge himself to the
cause in which he believes
and suffer for it
For all his limitations Milne
had his serious aspect, and is
worthy of respect.
has chosen a span of 50 years, other substitutes cab be found, city for seif-deception is .re-
from 1928 to 1978, and at first and other admirers to burn newed in every generation; and
sight, since the gullible, like incense, to them: Mozambique, whatever its' starting.- ppm* (the
the poor, are always with us, Angola. Vietnam — even Albania, great depression of the 1930s;.
this might seem somewhat The phenomenon would hardly revulsion at American involve-
arbitrary. exist, however, unless it in- ment in Vietnam* a general
There is, .nevertheless, a volved a two-way traffic. In disillusionment with' the suik
certain logic to it In 1928, the other words, if certain Western' posed decadence" !of \ . the
Soviet Union was still bathed in intellectuals have regularly capitalist West), its expression,
the refulgence of the Great surrendered their critical faciil- remains remarkably uniform, as
October Revolution; it had not ties to lull themselves with Professor Hollander has no-
yet been plunged into the fond delusions, the totalitarian' difficulty in demonstratong -with
assorted horrors of collect! visa- regimes of their predilection more recent quotations from-
tion and. purge trials, and have been ready to meet them such, -luminaries . as Norman
although the ground plan for more than half-way with Mailer, Jeaiv-Paul.- Sartre; and
what was to become the gulag elaborate and costly stratagems Naom' ■ Chomsky. .Haring' been
archipelago' had been laid even of enticement. and deceit. bora in Hungary,! Professor
in Lenin's time, it was certainly Professor Hollander has a Hollander has a first-hand know 1 -
AL WVIUU'OraU VWI***-, _ - jw IV- . • . V \.
city for seif-deception is ' re- Economics ana tire. »
newed in eyery generation; and eWorld* of Women
whatever its sfarting point (the' .by Lisa Leghorn and Katherine
great depression of the 1030s;. Parker. Routledge,. £12:00. 356
revulsion at American involve- pages. .
Oqe'-oC tbe earliest' illastfjt?-
tions to Old Mistypes:; ^
archipelago' hod been laid even of enticement. and deceit. bora in Hungary,! Professor
in Lenin's time, it was certainly Professor. Hollander has a Hollander has a first-hand know- One'-ofthe earliest' illnstri^
not apparent to the admiring long and fascinating chapter on ledge of realities in both the ^ qi# distresses: Wim^,
gaze of selected Western “ the techniques of hospitality Communist and non-G o m m i m iat A _. ideology is a' NewYOrkaf ' ;
visitors. The same blindness can including the liberal application worlds, and although bis writing _ f « . t,artv of tonri&n^
scarcely be excused 50 years of “ego massage." On has is sometimes tui^id and ovei> SsnectiiHi- cave‘s
later. Yet by the late 1970s, arrival in Moscow in the early loaded with sociological jargon, a ,, tan' , woman ■-'•'tot
there were still Western in* el- 1930s. G. B. Shaw found a crowd this bulky sorttfier is likely to octAnlk&tf r .
there were still Western tot el- 1930s, G. B. Shaw found a crowd this bulky sorttfier is likely to
lectuals prepared to sing the of thousands waiting fbr him at remain a standard work of
praises of Castro's Cuba, and the railway station; and later, reference for a long tune to
even to condone the Pol Pot at a theatre where one of his come.
Fiction
Gag man
BY GAY FIRTH
feminist warpath by “Bobsy"
CmiA « *u« r nn co Diesel, a former classmate, now
Sauce f or the Goose . editor * FeW.
*?>' J et !“L De Ynes. Gollanra, paradmtgd into typing pools to
£6.95.- 232 pages research and write searing
men warr* articles on OSH (Occupational
Good gag men are scarce. « , Harassment) in New
God knows, good gag men are
scarce; and Peter De Vries is a York ; °® ces> Daisy finds a dis-
good one, well worth his plac- appointing absence of hara®-
ing in the merciless marathon J?”* Ar S,? r
of fast, zany, American humour. n ° £ Af 1 * 11117 '
Tlie Afeic Yorker has a lot to £mjly snaps over
answer for; much of it good; weight-watchmg lunches) : hotly
some of the .best, like James followed by love and marriage
Thurber and Sid Perelman. Mr wim- the boss. . „
De Vries, of the present Now this is pretty slender
editorial staff, runs straight stoff, not to say banal. Playing
( though not so tall} in a
splendid tradition.
to the gallery for the good
laughs it deserves, it scrapes
His latest comedy of manners by on sheer style; lifted out of,
for our time is a lot of fun. *b e “so amusing" category by
Hilarious jokes and puns fly minor characters in situations
like confetti; literary allusions which, like the best Neic Yorker
Peter De Vries:
absence of harrassment
France, : = A tali' wpnian- toj- '
trousers is asking the astonished' . ■
6fficiaL' ,r It , s never occurred-to 1
yon, suppose, that they '
have been created by a cisto:
icomaa?-” Now what is interest* j ;
tog .is; the, statement that. Parker •-
. and Ptrfiock have^.added^fc. ■:
caption-''; ^ — *•
"The cartoon IS a mocking
1 response to feminist, art his-, V;
tory,* which' has shownr fbatr 1 ■
there have been 'women. {
- artists. We are deariy not
meant to ’take the idea- very; .
seriously, since the cartoonist :
has drawn the woman- who.'- ~
- raises the issue in - sudr a. : '
wnr •. as to altonato; itU ';
• sym pa tiiy or respect*"
Oh, dear. The authors' haye.' ;
completely missed the .' point-' v
that all ' the characters in 'the : .
cartoon^ especially the '
wOdered guide, are mocked to •
different ways. But ' these ■
.authors, a re_ obsessed; . usffulty^,:
perhaps, since it is important ■ -
to ask why women artists -pm*
duced - certain kinds of work --
and what . difficul ties .'-.-they •:
encountered- .{exclusion
studying the nude, for instiuice}i ; .
The trouble is that the 'narrow-/
ness 1 of -.their* perspective.--^'
easily ;todiiM5 : attj.ungenerw!!,.:
and hmhoiirless tone of -.vo^-.T -
Th^ jess said about-
the better./: 'S^.'-L
. ■ Womorris - Worth i fs; 'equally: '
earnest and ifisistenti-f “ control" .
over wemen'i i^rodticfton h^
This new English-French dictionary is de-
signed as a basic translating tool for everyday
business language- It provides accurate com-
mercial meanings of words with specific exam-
ples of their business usage .taken from bank-
ing, Stock Exchange, Accountancy, Insurance,
Commerce and Law. Terms relating to the EEC
are also included and in addition the dictionary
has been compiled on the basis of the language
commonly found in commercial correspon-
dence, business newspapers, magazines and
business documentation generated by com-
mercial companies; banks, etc. It is therefore of
immense value to the translator, the business-
man, the secretary, the sales manager, and the
I I I l r * T v T I .T/ J
I I M ‘ 1
English-French and French-English
• Marche des valeurs hors cote?
• Retenue (de i’impot sur le
revenu) a la source?
^ • Baratin publicitaire?
• Asile fiscal?
•Taxe sur les paris?
• Bail a long terme?
• Prixcoutant?
\ # Personnequitravaille
au noir?
• Un ajoute?
COMPRENEZ-VOUS?
Interested? Then read on .. .
business-school student, to mention but a few.
This special edition of Harrapfe Business
Dictionary has been produced in conjunction
with the FINANCIAL TIMES; it incorporates a 1 6
page Guide to the' Financial Times Statistics. In
a separate section/intemationai currencies and
organisations are also covered, together with
comparisons of balance sheets in English and
French of a large multinational company, show-
ing the relevant terminology and its usage.
So why notgo ahead and . . .
TESTEZ VOTRE FRANQAIS DES
AFFAIRES!
like confetti; literary allusions which, like the best Neic Yorker . ... ■?
add to the illusion — Mr De cartoons, demonstrate a dotti- .
Vries's chief charm — that his ness closer to reality. Daisy’s point is that -the. marriage is
readers are as clever as he is. mother, ardent Mid-West con- happy mainly because it is '
We are not; nor as witty; nor sumer activist, takes jelly-beans rich. As .a . social observer . grerted by
as chic. But we are not so dozy for nervous tension. Mr Dobbin, blessed with pyrotechrucal wit w a a “^ Lir^,K I-
as to fail to notice that Sauce glumly attempting suicide by he is funny to less potopt. effect S S„- V * !. '
lor the Goose Is remarkably asphyxiation in his car, runs than readers may feel entitled S35EV-S5-5SSllk'-lIS52 •
short on plot out of petrol. to demand. But good. '
Daisy Dobbin is wooed to the Peter De Vries’s sharpest writers are scarce. .
Olden days’ verse
BY WILLIAM D. SHOLTO
short on plot out of petrol. to ' demand. But good gag
Daisy Dobbin is wooed to the Peter De Vries’s sharpest writers are scarce. . 1
; handbook, : ^escrton^;’^ 1
. women- mrf womOT aboztrto-e
f \ 1 % " • toeptoit^ : thfpngfidut .tire 1wirid :
# § I ft 011 ft ft lf/71 1 C/? -■ but it does- .wteXpiato :these'
L/lt£Kff (ili I/J FV# jU •: practices /except ;by, toe most
•F • imperious, generalisation r ^and is-
■ ’ toerefore of -little heip to sug-
BY WILLIAM D. SHOLTO ^ gesttog ways pi ^dMuiging^ ^tbem.
. . - To “innclaira the need for “a
: Palgrave performed for En^ish suitors all weep and ache." . . based
The Penguin Book of verse in The Golden Treasury. Such secular Hebrew poetry . m fwnaleTratue^. is not enough.
Hebrew Verse Two aspects of Hebrew poetry was born among the courtiers of . w contrast. Women, in Islam -
edited and translated by T. must be accepted as axiomatic, the Moslem rulers in the call- JfJSui
Carmi. Penguin Books. £6.95. First . it is firmly rooted in phate of .Cordoba . and in. the Sf S5 fS?rf«t'S e ^SS!aS5« 22^^
608 pages' religious tradition, to which it smaller Moslem principalities. ^ women-r-
; still adheres. Secondly, it de-- It encompassed- a batch' of Ara1 ^’ ! utks \ K 'F^ S . '
... A . . pends more on -the inter-play splendid poets influenced -by With- their.
Hebrew poetty has been of ideas and associations than Arabic writing often referral different- languages : and cus-
on rhyme compared with Euro- to as_ the .Andalusian, school. *25 f SliSSi ?. : V ' ■
The Penguin Book of
Hebrew Verse
edited and translated
Carmi. Penguin Books.
608 pages'
Palgrave performed for English
verse in The Golden Treasury.
suitors all weep and ache." . .
Such secular Hebrew pioetry
by T.
£6.95.
Two aspects of Hebrew poetry was born among the courtiers of
must be accepted as axiomatic, the Moslem rulers in the /cali-
least 3,000 years, or five times pean poetic traditions,
as long as the span that jt wai religion that
toms, Nriila Minai patiently and
as long as the span that it was religion that sustained Judah Halevi,
separates Chaucer from; say, Hebrew poetry to the centuries in the 12th century, Jews
So i he ess *° tiall - v between the biblical era and migrated northwards to
Fs !le?dSe and « a »e“™1°S the Moslem conquest in 636 AD. Chrisuan Sp^n and aouU.era
!L OV mo d d U e e r n a ?r d an a s S .aU^T.h a e S ^ » «!£.« -««*! -»■
verse Both hav/been done by poets ' Mneh of the ferent tradiUon and dialeet
Ted Carmi. who is e*re”ion- S Jit I in Germany, referred to
ally well qualified for (he task. ^ Heb ^ eW as Astt «^ The
Most or (he book consists of Sc l ,echt€r . un ; lwo traditions have yet to be
the poetry itself in its original f°7 ered amazing genizah reconciled, a fact ignored- out-
TTphrpw alnnpcirie a« nrppicp an (store-room) in Cairo. side the Jewish wnriri- t-oihor -> c
Hebrew alongside as precise an t store-room) in Cairo. side the Jewish world, rather as
English translation as could be -.-.X®, religion had, by the the differences between English:
provided. There are 75 pages Mia die Ages, ceased to be the and Britons Is on the Continent
of notes and a 55-page introduc- ® 0le subject of Hebrew poetry. It is worth noting Here that
tion to the subject. secular Hebrew literature took the translator’s art is inevitably
The anthology starts with root in Spain during 500 years unrewarding; poetry can be
biblical poetry and progresses between 950 and 1492, firstly rendered as poetry in another
through the centuries in under the Moslems, and after language only at the brio «f
chronological order, ending -1150 under Christian rule, aceuraev— a
through 'the culture and re-
ligious' traditions -of Early
Islam, the .efforts, iof Middle
Eastern women to free them- 1
sejves without jettisoning their
heritage and the soul-searching,
sometimes -.-.self -deceiving;, of •
Islamic revivalism: . : Her argur
ments are -the 1 -more telling be-,
■cause they are drawn less from-!-.-'
statistical s^er tions than from
the actual' ciqterience of indi^
vidual women.' 'The. story- bf--
Amlna. Earibi’s'-. struggle to con-
tinue her schooling in Algeria ; .
in. -the mid-1960s is -far more;-,
memorable than p.ages of com-,
ment from feminist tracts,
ft- is Carol Dyhouse, however,-"
... - _ - .. « _ .. . accuracy — a compromise that -Who has - produced the - most
with contemporary Israeli veree. Samuel Hanagid, who for 20 Carmi refuses to accept Instead polished book to this batch. She u
Selection of representative yeaty commanded the Moslem he has provided a parallel text looks at the way in which girls
poems from each period, giving of Granada, was out- of remarks bTe accuracy So'the were educated at home t in ele- ’
sM^ e oSuo?J a h a tf C Z?^ te ,o S English is often poetic, mentary schools, private schooft^
f es, occvp i c d half of the. 12 style, like. out being poetry. In maJKmr and colleges, through ■ popular
2J? 1 fP®!, 1 , on th JL bo ?*‘ f f a beauti ' this choice. Carmi is- follow™! t^tbooks.. and journals, -.: .to; ..
Hebrew^ noet nr h ian nlm Si- 6 !!? 'J ,th ^' h . a F me 2 tradition' of Hebrew trani organisations like the <3tifdW:
tv,™* i?," 8 X play : . but . ,D the end lation established 370 '! Snowdrop Bands”.: and. the.'..
styles, occupied half of the 12 style, like:
years Canni spent on the book. “War is
The fruit of his work . for ful girl
Hebrew poetry can be com- long to ]
pared with the service Francis like a r
™ the end lation established 37R veers ko
like a repulsive hag whose in the Authorised Versioiu ' . ^ -
French priest’s secret
5KS
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BY SARAH PRESTON
The Holy Blood and the
Holy Grail
by Michael Baigent, Richard
Leigh and Henry Lincoln.
Jonathan Cape. £8.95. 445 pages
uie Knights Templar and men have h^r, ' to . me early;.' -I900sr ;
Michael Baigent, a psychology eluding Poussin ■ da^es : _ of .50 /pr- fiff ,
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diqn . England- is taken frbm:^. 7
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traces left by Sauniere. and his
housekeeper who survived until
after the Second World War,
and sensed that they had
Grand Master W ' Sed was its - on tWmbles witk no thi^Wd :v
i* °r wool; ln-'touson, . for an . hour
cJ^P U *‘ ation hreeda further ^
speculation until We^rotne^tb ' afte] ^ ^Moussing tbVf^contfim*-;
the authors final conclusions Porf^ .-^tgumerit^^for tond;.
which BTn i,m n .u: -r.-'TZ .aeainsi. -tKo ■■■.--.•W *
It all began with a television stumbled upon “a secret of explains this- "Order.-. as a ^ a i n ^t’ : lthe-toachrngtof -needje-
film by Henry Lincoln screened monumental and explosive pro- . e repository of the Holy-Grail ^ ” r * c ' 'to.r e le meutary 'schools;
10 years ago The Lost Treasures portions.” interpreted as both the ' royal Mk s Dyhouse gently remfiids
' ■ ■ - - hlnnrl fen i, : S ■ ■ , . Ml. -fJvit .«Ln... .Jf ' "llj.;-. - -
Nalure o( Business
Signature
oj Jerusalem? about the moun- Their quest for knowledge. b l°^J (sang real) and -the womb -“^.thatv.the-, .discussion ■ ~
tain .village of Rennes-le- possesses all the ingredients of " ‘Alary Magdalene,/ to -whom re ly . '- can dnet cd /Lb. Vrati„
Chateau at the foot of the a classic 19th century mysfery £"*7 believe Jesus waitotfrrfed, T en h?: ltvhpd ass'umed-syntod
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Bfirenger Saumfere seemed to Gaboriau. Hidden documents. the Merovingian Kto&-~“ The ^ Cradle r ‘
possess inexhaustible . wealth, buried treasure, a secret society restoration of thrtr -mh> ^ re^btoity^lt.'inipiiefl
Among other princely expen di- with members prominent in pub- F . ra nce is the Order's;. ultimate ’ Dyhouse," .'b
tu res. he built the fortresslike Me life, cryptograms and ciphers aun - • 7 : "- M»naL;yfaidws.' th at th« 4r> mcj/
Tour Magdala to house his m a S - inexplicahle deaths. We are - ' If ftk sen sa ,wi
Please allow 28 days for delivery. Refunds.are given on books
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R*tHdRredarklirass:BradcfflHttll*,CanixnStmB( l Loreloa5C4P4BY.Rflgudorrt numbsr S80GS&. 0«kA«nun!:K6«Sanri8^STteoa(!ne«SflSu^Us^ECa-AcaxinSmCT*8r5OS57S1S,
tures, he built the fortresslike lie life, cryptograms and ciphers aim - • Minai^yJtobwS; tb at the tobst
Tour Magdala to house his mag- inexplicable deaths. We are ' If this sensatmmu
nificent library. What was the taken through a labyrinth, of remain? Sti? 1 un^ilrS^S
source of Sa uni fere's, riches? heresy staW with the Sl^iBoSUto^SRUfi
In investigating this mystery Cathars and ending with ah material displayed^H^i^wS^ ^
Mr Lincoln teamed, up with order known as the Pri feu re de is -fascine tin? fflLsilPiSSr ^rtant
Richard Leigh an American fic- Sion which still exists and 'with that ^rin ^ hoS?
Qop-wnter with knowledge of which many eminent French- and wtoely read? U
°s
-limes 'Saturfe^aatfl^y: 16--. 1982 * .’.
HO W TQ S^END IT
WSUV’: :
by Lucia .van der. Post
of the holiday champagne quiz
WELL, it's quite clear what many offices
were busy doing daring the Christmas to
New Year week-— working out the answers
to our quiz, in the interests of keeping
down the unemployment figures, I won't
. reveal which offices— suffice it lo say that
many of the group entries 'for our holiday
champagne quiz -were from some of the
most distinguished offices in the land.
This year's quiz, much like its pre-
decessors, required a variety of different
skills and areas of knowledge, so it Isn't
really surprising rhat so many of you
decided to pool the talents of colleagues,
friends or family. lUy- thanks to alJ who
entered— whether Individuals, groups or
families. The standard of entries was
uncommonly high with almost everybody
getting almost- everything right. The
questions that most of you fell down on
were among the simplest t nearly all of
you worked out (he most difficult ones)
—for instance in the Literary Quiz many
of you replied In answer to question 8a
(see below) The Vicar of Bray hut that
is a song and the real answer is the
novel entitled The Vicar of Wakefield.
In question 4 of the Current Affairs
section many of you said the award won
by the SAS roan was the George Cross —
in fact he was awarded the George Medal.
As you ran see. a small point, but Quality
Puzzle Magazines' editor Honey Russell,
who organised the quiz and who pulled
out the winners, quite rightly had to insist
upon scrupulous accuracy.
Many of you with otherwise com-
pletely correct entries made a snail mis-
take in not answering question 2b of the
Lilerarj Quiz corrccU}'— the answer is
Mr Pooler — giving the Title of either the
novel. Diary Of A Nobody, or the names
of the authors, was not what was asked
tor.
We in our turn have to apologise for
a small mistake— in question 7a of Current
Affairs we asked what wa$ held for the
first time on Sunday. February 16 in
Darlington— the Sunday was, in fact,
February- 15. Fortuuately it didn't seem
to put anybody off— this was > .question
almost everybody got right and nobody
was disqualified for nol gelling it right.
Honey Russell was extremely Im-
pressed— and as z professional- in the
matter that is really saying something —
by the quality of the entries, by the num-
ber of you who had persevered and
managed to answer correctly so many
questions testing such a variety of skills.
So congratulations to all who entered. 1
hope you all had fun. Thank you. too,
for the lovely letters you sent in.
Particular congratulations, however. J
to the three winners: J. Ivor OTMahony
of Hove, Sussex; J. H. Perryman of Penn. I
Bucks and Peter Fowler of Beech Hill, j
Berks. Magnums of ebampagne are |
already on (heir way io you. j
Tricky Quickies
2-^Who or what
fa) left Brazil.- in March, to
• return a month later, and
(b): left America in April, io
return just over two days
latef land
fc) .under what circutusiarices
did Jacob de> Gheyn III leave
Dulwich: 'for the third time
•in August, ter return three
VeeknTater?> •
(a)- Ron did Biggs - . •
(h) Spacer-shuttle Columbia
and/Or John Young and Hubert
Crippeh • ‘ • «
(cj His portrait, by Rem-
brandt, icai. stolen from Duhrich
Art Galieru.. biy. Inter reco erred
8 — Dr Gto Harlem B run dll and
and .Miss Susan Brown were
the first women to hold which
Two ve'ry different positions ?
The. former became Norway's
first woman prune minuter, the
latter teas the first woman to
take port in the Boat /face,’ as
■ Oxford's coz-
9^-The following people
.featured in the news during
the year:' Who are they ?
(a). Jean Waddell
.(b) . Marcus Sarjeant
(cf. Hosiii "Mubarak
(d) Warren Christopher
(a) A British missionary,
sen-clary io the Anglican
Bishop^ who ifas held: in Iran,
but released in March
fb) The ■ youth irho fired
blanks near llw Queen during
■ the Trooping of the Colour pro-
cession.
.(c). President Sadat's succes-
sor in Egypt .
id) -the American chief
negotiator who helped secure
the release of - the American
-hostages in /ran .
-xOv
V
w*vr
1— Socfcerton United has, at
considerable expense, ac-
quired several new players
this season. Joe cost as much
as ail the other new lads put
together. Eric cost as much
as Bill and Frank combined,
and Frank cost a third as
much as Eric but twice as
much as Paul, who cost the
board £20,000. What was the
total cost?
£520.000
2— Fred" was decorating his
oblong living-room, and had
bought six rails of wallpaper.
One of the shorter walls
1 Which colours are suggested
by each of the following?
( a > Sir Percy Blakeney
(b) The Sword in the Stone
(c) Llewellyn's valley
ld) Chesterton's cleric
(e) Paigrave's Treasury
(fl Beauty, as portrayed by
Miss Sewell
(g) Sir Walter Scott’s “glove"
(nj Scarlet (Pimpernel}
. tb) (T. . H.> White (the
author)
(c) {Haw) Green .(Was My
Valley)
( d ) (Father) Broum
(e) . Gold(en)
if) Black
(g) Redtgauntlct)
2 (a) Who had *‘/yve . . •
housbondes at chirehe-
dore‘'? :
(b) Who. would gladly give 10
shillings to discover the
sender of an insulting
Christmas card?
(c) Whose hypothetical annual
income 'was £20?
(d) Who claimed he could put
a girdle round the earth
in 40 minutes?.
(a) The Wife of Both
( b) (Charles) Pooicr
re) Mr Micawber
(d) Pucfe
needed eight lengths, and one
of the longer walls. 12 lengths.
A third wail needed only
three-quarters of ihe paper
used on the wall opposite
because of the window, but
the fourth needed 25 per cent
more than that opposite
because of the chimney-breast.
If Fred obtained 6) lengths
from each roll, and had none
left over, was the window in a
long or a short wall?
A long trail
3 — My great-grandfather was
bom in 1882. His first child
was bom 23 years later, and
the interval between each
successive generation has
widened each time by one
vear. How old will my son be
in 1982?
Tiro years old
4 — Farmer Brown's 200 hens
laid a total of 61 dozen eggs
last week. Of these, half were
laid by a quarter of the hens,
and half of those hens were
responsible for a third of the
total. How many hens laid,
on average, fewer than seven
eggs last week ?
Literary Quiz
3 Hnw are people in general
represented by the foster-child
of Squire Allworthy, an amiable
Dickensian lunatic and Mr
Lime?
Tom (Jonesl. (Mr) Dick and
Harry
4 What is the connection
between each of the following?
(a) an Aldous Huxley novel
and The Tempest
(b) a T. S. Eliot poetic drama
and The Canterbury Tales
(c) Shyloek's servant and
Idylls of the King
(d) Trollope’s Irish MP and
Twain's orphan
(e) The author of The Proi-oh'd
Wife and the author of A
History of the English-
speaking Peoples
(a) Brave Netr World, which is
also a quotation from The
Tempest
(b) Bechet. Murder in the
Cathedral deals with the
murder of Thomas 6 Bechet .
. to whose shrine Chaucer's
pilgrims were (ravelling.
(ct Launcriof (Gobbo) and
Launcelot tof the Lafee). a
major figure in the latter
work.
(d; Finn, the surname of both
Phineas and Huckleberry
te) Blenheim Palace — it was
designed by Vanburgh and
was the birthplace of Sir
Winston Churchill.
5 Who is the odd one out?
(a) Lady Macduff
(b) Duke of Clarence
fc) Desdemona
(d) Ophelia
(e) Julius Caesar
(f) Banquo
Ophelia — she committed
suicide, while the other fire
were' murdered *-
6 What word is missing from
each of the following lilies?
fa; The Papers of the
Pickwick Club.
(bf The Life and of
Tristram Shandy, Gentleman
(c) The - — Case of Dr
Jekyll and Mr Hyde
— There were 84 presents
beneath the Christmas tree at
the manor to be distributed
among the house-guests. A
third of the total represented
four.presems each for a num-
ber of guesis: three fewer
guests than those who
received four were given
three each, and twice the
number that received three
had two presents each. The
remaining guests had one
present each. How many
guests were there ?
47 guesrs
(d) The of William con-
cerning Piers Ploicman
tat Posthumous
( b ) Opinions
tc) Strange
(d I I'Mion
7 (a) Which poet was MP for
Hull in 1660?
(b) Which Irish-born play-
wright was MP for Stafford
in 1780?
ic) Which novelist was Prime
Minister in 1880?
(a) Andreir Harrell
fb) Richard Brinsley Sheri-
dan
tc) Benjamin Disraeli
8 Where, according to the titles
of the novels, would each of
the following be found?
(a) The Vicar
(b) The Tenant
<c) The Mayor
(d> The Master
(e) The Prisoner
fa; Wakefield
(b) Wild fell Hall
tc) Casterbridge
fd) Ballantrae
(c) Zenda
3— The oldest member of a cer-
tain family died in- January,
. and :the youngest was born in
May. Gan you name them ? .
Princess - A lice. Countess of
Athlane. and Zara, daughter of
Princess Anne and Capt Mark.
Phillips - -
4- =One of -this year’s recipients
of an award for courage ... was
opt nqmed. Why was this, and
■ what Was the award ? . ;
He was <? member of the S AS
who' .took pair m the release of-
thejrantan Embassy hostages i*
London, ~and has -fo remain
anonymous; the George Medal. __
5^— What were ' 6.700 people
about to start in Greenwich
in' Mhrch; and what had 500
’ people- . just . completed in
Trafalgar Square in June ?.
The jfrsf -London Marat/ion:
the Peopled March for Jobs.
6— What happened ' to Prince
Ivahboe. r in'. : August that- bad
happened .'to Edinburgh 39
year' before,-. a nff which held
the richest prize ? . _ "•
They sank — the former .was
a pleasure 'steamer iohich struck
rocks off . the. Goicer}- and ' the
latter, "which held, the richer
prize, sank during . the war with.
a consignment of gold bullion
which has subsequently been
salvaged .
7— What was held.for the first
time - 1 • ' ..
Ca) on Sunday February 15 in
Darlington, and : • . • ,
(b) on Sunday, September 6. in
• Gdansk?- . v • „
(a) The. First. Sunday football
match under the F A’s remsed
Solidarity's} first.natioml
congress ■ -
10- — Which was the last piece
of land to be put up for sale
- in November ?;■
• Land’s End ' • : ’ •
11— Each of the fallowing failed
..to achieve/ an objective ra
. ‘1981. tW/uj are they, and what
: did; they-, fail to do ?
(a) Mehmet'Ali Agca.
(b) Chia-Chia
(e) Colopel Tejero and 200 civil
^-'guards;
.‘• (a) He is. the gunman who
failed: to assassinate the Pope
(b) He is LondonZbo’itpuTuta,
.and' he: failed ' to impregnate
LihgrLing in Washington
' (c)' They are Spanish soldiers
who ’attempted a military coup
in Spain by occupying the Cortes
and holding the members hos-
tage for a rime '" . .
A Question of Logic
During a severe winter, five
farms were eat off by snow for
a number of. weeks, and were
supplied with various , items
which they ran short of by para-
chute drop from the nearby
helicopter base. From the
information given hero and
asbag a reference grid, readers
were asked to name (he family
' which lives at each farm, say In
what direction it lies from the
helicopter base, and which
essential supply was dropped to
them ? •
Clues •
J — The emergency generator
was dropped to Long Moor
Farm when its own broke down:
this farm is not due n»nh of
The base:
2 — Bleak House, which is not
the Fidlers’ farm, is in a
Westerly direction from the
base, while the Wiggins live in
the southern sector.
3— The medical supplies were
dropped to the farm due
east of the helicopter base.
4 — The Tborne family, who did
not receive food for them-
selves or their stock, farm at
Rising Carrs; West Wold is
south-west of the base.
Family Farm Direction Supply j
3/ggygy 8 l£AK HOUSE ~A£>Rm - WEST O/Z^
PEbrrohJ fmrm>RU lea mopcth FQpx>
F1DL&R Aovar moor. S OUTH-EASr <frgA /greAToR
THORU^ RiSfVfr CARRS /SA'ST MEDICAL SUtPU&5
W/G^HA/5 W&S7~WOL3> *0\JTH -weST H/tf
— -It was the Bambys _ who
needed the oil; the Denton a
do not own the farm to the
north-west.
6 — The Fidlers' farm, the heli-
copter base and the farm
where the hay was dropped
form a right-angle when joined
together on the map.
Arwu>er: West Wold is south-
west of the helicopter base (clue
4), so Bleak House, which is in
a westerly direction (clue 2),
must- be north-west. Long Moor,
where the generator was
dropped (clue 1), is not due
north (clue 1). The medical
supplies were delivered to the
farm due east (clue 3t. so Long
Moor must be south-east of the
base. The Barnbys received the
oil (clue 5). As the Thornes
farm Rising Carrs (clue 4). they
ir-ere not the recipients a f ihe
generator, which was dropped
at Long Moor, hnr they were
not supplied tnth either food or
hoy (cine 4). so they must have
been the family who received
thi? medical supplies, and lire
due east of the base. By elimin-
ation, Hawthorn Lea must be
the farm due north of the base.
The Fidlers ilo not farm at
Bleak House (clue 2). and nor
do either the Wiggins, who live
in the southern sector ( clue 2J.
or the Dentons (clue 5); $0 it
must be the Barnby's farm, and
therefore the oil was dropped
there. By elimination, the hay
was dropped to either the farm
south-west of the base or lo the
one due north, so from clue 6
the Fidlers must lire either
southeast, norih-tcest or due
east. But we already know that
the Bambys live north-west and
the Thornes lire due east, so
the Fidlers nuist lire south-east
of the base at Long Moor. Hence
the hay must have been deli-
vered to West Wold, which is
suuth-irest of the base. By
elimination, the food must have
been dropped at Hawthorn Lea.
As the Wiggins lire in the
southern sector (clue 2). West
Wold must be their farm, and
Hairfhom Lea must belong to
the Dentons.
12 — In July,, the keepers of this
. ligh thouse- left 'for the last
time. Which- ’jjj . it apd why
did the keepers leave ?
Eddystone ■ Lighthouse. It has
been . converted fo .automatic
operation: . v
sffi;
Eight hoys, Adams, Baker,
Clark. Davis. Evans, Forbes,
Green and Hart, are sitting an
examination in a room contain-
ing four rows oL desks arranged
in six columns. The invigilator
told them that they could sit
where, they liked, except that
no - two hoys may occupy
adjacent desks in the. same row.
From the information given
below, readers were asked lo
discover • where they sal and
what each hoy’s first name was.
1 Only Mark, who is not Forbes.
. and Hart have, someone
/ sitting between them and the
' -front.'
2 Kevin ■ Baker has three
behind
2 Kevin ■ Bake]
empty -desks
taker, Clark, who is not Peter, has
orbes, three consecutive empty
ng id desks to his right,
ntain- 3 tan Davis is the only boy
in «r e( j sitting in the right-hand
viator column of desks; Neil is the
id sit only boy sitting in the Ieft-
that hand column,
ccupy 4 Each of the three boys in the
: row. second row— who do not
given include Oscar — has an empty
id to desk to his left
and 5. Leo Evans has two empty
s was. desks in front of him.
nbes. 6 The seating pattern is such
leone that there are two crossing
d th’e diagonal rows of four boys in
each diagonal.
three T John is sitting to Green’s left,
him: and in front of Adams.
Invigilator
13— Why was Officer Cadet Bijay
Kumar Rawat’s achievement
at Sandhurst of particular
significance?
He teas the first Gurkha 'to re •
ceive the Snord of Honour. ' :
□ sense]®
□ □!!]□□□
□Bruton
Cross Reference
laaai
aiEHai
■SKaan
mm
mmm
□aa
■ai
mmm
— awyyiww
aaaa
agHEiaa
: Cl /V
mm
Bam
nai
h\'k
Readerx.were asked' with tbe aid of a reference grid to discover
which letter of the alphabet each number represents given that
22, 6 and S represent 1, C and E respectively.
Double Acrostic ^
Readers were ashed fo write the answers to the dues In the
first diagram, to find that their initial letters, read down the
first column, spell out the title of a niueteeatfa-centnry narrative
poem and Us author. Then they were asked to transfer all the
letters to the corresponding numbered squares ia the second
diagram to reveal an appropriate quotation from the poem.
BiEiraagiEigl
yipeM
jaaa aaaai
laaiaaSI ^
Haaa E 3 Bl
ciaaa
aaagi aMl
■iritipi
israrapi
CTues A
A Proverbiallv obstinate animal B
(4) c
B Everything, the whole (J) ~
C Uncooked (3)
D To thaw, become liquid (4)
E Narrow neck of land (7) *
F Second, alternate. (5) ®
G Amphibian (4) H
H To have a desire, to long (4) J
J Offers oneself as a candidate tr
(7) .
K Not high (3) *-
L Deception, artifice (5) M
M Complete, intact (6) N
N Very small brook (4) p
P Having shoes (4) r
Q Very hot pepper (6) O
8 To do what one is told (4) ' R
S Fastened by a knot, perhaps c
(4) *
T Pulls along (4) *
Answer: Marmioo, Walter Scott
Saoa aa taaiaa aaaa - sag
aiaaa - Ha- aasaaa aaa aaa
as " aaaaaaa - aa : :• ft, a ■ 0a aa
paaa- ataaa- ataia-- aaaaaaaa
■ft.
k-M
Rebus 2
(5, 3, 4, 3)
PAINT THE TOWN RED
Kode
$ v>|^ ° O ° K° 7 ^^°;
K^^ o ^O°IOjK°
A strange sect from Katmandu writes Us work using a language
baaed on the letter K and even when translated Into' EngBsh
the letter K appears for both K and C. Readers were asked
to translate the first verse of their main religions work shown
above.
The verse reads : Our god is a feat,
our creed is fhe •
kalalogue and
all men are feousins
Each symbol represents a letter of the alphabet. The code
is not random, but runs in a sequence of clockwise rotations—
e.g. K with a dot direetly above It Is A. with a dot te the right
of It is B and directly beneath it is D and so on. (NB: tb*
letter C is not represented as explained above). Below is- tbe
complete code sequence.
K A
Kb Kb
K F
7^
7 ^ L
7K 1
>1 0
3 S
U ^ V
y X |M Y
Financial Times Saturday January .16 1982
ARTS
Down the River Hardy
BY B. A. YOUNG WtVtli ill Sk
One.of the best rincumenlarips have become such a familiar /Xf wm 3
BY B. A. YOUNG
One of the best documentaries
I have ever heard was Capital’s
The Final Generation, broad-
cast last Sunday at S o’clock.
It was a programme about the
lightermen, and watermen .on
the Thames, members or a trade
that is soon to be gone for good.
It was recorded by Kerry Juby
witfa. a. one-man stereo equip-
ment, two microphones spread-
ing out from his head like the
horns of. a -Highland bull. Tie
spent patient hours with the
men until they were used to
talking to him’ in such an un-
usual guise, and his reward was
the most supremely natural
talk.
There were 5.000 lighiertnen
on the Thames in 1946: today
there are a few hundred. Sixty
per cent of the blame, say the
survivors, goes to the PLA for
its excessive charges at the
docks; but they agree th3t there
were faults elsewhere. ‘'Old
Jack Dash did a lot to ruin
the industry," one man said.
"Restrictive practices have
killed the river. When you’ve
got one man stopping thousands,
there's something wrong with
the system." But if “old Jack
Dash" hadn't ruined the
industry, the containers would.
It was heartwarming, tn hear
men talk w-jth such pride of
their work. They knew every
inch of the river, and they knew
its history. Their minds were
still back in the old days, when
" there was no Ted and Harry'
3nd Fred, it was Mr.” A river-
shanty. if there is such a thing,
was sung from time to time —
London River, O London
River.
All the love Tve got I'll give 'er
and one really believed what
they sang.
“This \ras where Franklin
sailed from in the Erebus." a
man told us — Sir John Franklin,
who was Inst in his search for
the North-West passage. There
was a sang to go with that story
too. one of the most beautiful
songs I’ve heard for a long time.
It was this mixture of senti-
ment and craftsman's pride that
gave the programme its unfor-
gettably noble quality.
From fact to fiction: Anthony
Curtis's series of six talks on
Novels up to Now, being re-
peated on Radio 4 on Saturdays
at 5 pm. has begun very promis-
ingly. He started wisely in his
first programme last week by
avoiding the obvious names of
Waush and Greene and focusing
on Henry Green • and= William
Trevor. His second talk dealt
with "campus novels," the sour-
tasting university comedies that
have become such a familiar
•feature of current -fiction -both
here and in the U.S. Tonight he
is on Iris Murdoch and womens
'influence in .contemporary
.novels. .
Rather than switch off
between that programme and
the news, I heard Week Ending,
an .“irreverently critical look
back at the week's news’ —
what I think of . as a typical
Radio . 4 filler. The hews that
the six contributors chose to
- lie-- irreverent about was uni-
formly ghastly— the weather,
the Poles, .the fortunate rapist,
the IRA, the SDP. the TUG.
.and of colirse Erika Roe, who
I hope by now is a very
embarrassed lady. It Is one of
my cardinal beliefs that the
•best way to come.to terms with
misfortune is .to mock at it, so
-in principle - f approve 'of this
programme. In ptaetice, though.
I think misfortune : might he
held more firmly at bay if tiae
jokes were a little funnier,
How much better was Stop
the Week., 90 minutes ..later,
when four .intelligent folk with-.
' out scripts tried to stop Robert !
. Robinson ' -from talking about
‘ what had interested him in the
week’s news. The weather and
Erika Roe flashed across their
conversation too, but mostly
what they talked about was the
sales and dreams, starting with
Siegmund Freud’s dreams as
told in -the Sunday Times: and
they talked as such people
would talk around a dinner-
table. 1 would 'be happy to
hear more ch'at programmes of
this kind, if only there were
not so many other things to
hear.
Serious, rather than frivolous,
treatment of the weather has
been admirable. Whenever I
look up into the 'sky. 1 see. %
helicopter surveying the chaos
on the roads, and the guides to
motorists <at their best when
they say " Don’t go have been
truly helpful. It makes it all
the more maddening for me to
be tnarooned 100 miles from my
car by the engine-drivers.
I registered my distress last
year when the BBC recom-
mended in its official pamphlet
that the “o" in "opus” should
be long, on the grounds that
opus was now an Englisfl, not
a Latin, word. This week I
heard someone say ” magnum
oapus." Is the unhappy
announcer always to ask him-
self whether the word is to be
English -or -Latin when- belays
it? Wouldn’t it be nicer if
we .always said “oppus," as
Virgil did?
The New Year in the galleries
starts not with new departures,
nor. great general surprises,
but with what have by now
become almost fixtures in the
calendar and markers of the
season, . familiar and regular
shows that, are yet the vehicles
for particular treats and dis-
coveries. For Agnews the event
has come to rake on the aspect
of ritual indulgence. Their
latest Watercolour & Drawing
Annual * (until February 19)
takes the score to 109. and if
such . interest, quality and
variety can be sustained, long
may the innings continue. -
The show takes to itself- no.
theme other than English work
in the extended period it covers;
from the mid-eighteenth century
to the end of the ninteenth, just
. trickling over into the twentieth
in a case or two: and it is as
uneven, as we would expect any
such melange to be. With about
250 works to see, the visitor
must do a certain amount of
work on his own account, but
that is all part of the pleasure
of such shows as this. Minor
.work of indifferent quality has
' the habit of acquiring a certain
charm with . age. and even
honour for the chance of its
survival: and authenticity has
been known ' to override
aesthetic considerations in the
scholar’s eyes. Here the polite
accomplishment of the Victorian
morning-room jostles with much
earnest professional endeavour,
and the lesser work of larger
reputations: there are indeed a
good many real if comparatively
modest discoveries to be made.
There are also some real
plums : a handful of Turners
that includes two or three majoi
watercolours, most especially a
mountain stream at Conistoh of
1797; Weymouth Harbour by
Girtin ; Bristol Ferry by Cotman;
a Gainsborough landscape ; a
few Rowlandsons. all as
delicious as ever. The expected
names -are all represented :
Linnell, Wheatley. Sandby,
Cozens. Copley Fielding.
Roberts, de Wint, Varley, Lear.
And there is Hercules Brabazon
Brabazon, who deserves perhaps
real attention before too long,
with his characteristic' flurries of
effect, of Venice in particular.
A very different show, tiny
by comparison and choice by
definition, now fills the Mayor
Gallery In Cork Street. Our pro-
vincial civic galleries are full
of the most surprising things.
Detail from Rowlandson's ** Greenwich," on show at Agnews
their collections ever growing as
circumstances allow, and yet
they are sadly unknown to all
but the most local public. In
recent years the Mayor has made
it its excellent habit to bring to
London a selection of the more
recent acquisitions made by one
o£ its Civic customers, though
the works shown need not have
passed through its own bands —
an imaginative case -of mutual,
publicity.
This year it is the turn of The
Ferens' Gallery, Hull (until
January 30), with 21 works,
most of them British and all of
this century, though none parti-
cularly new. A well chosen, even
distinguished group, it includes
such luminaries as Wyndbam
Lewis, Wilson Steer, Paul Nash.
Laurens, Wadsworth and
William Roberts.
For me, however, it is memor-
able for one or two portraits it
contains'. Most obvious and cer-
tainly most important is the
familiar nude study, obsessively
dose and intense, of Patricia
Preece by Stanley Spencer ; but
alongside hangs a painting by
Francis Cadell of a girl in an
embroidered cloak, fresh, simple
and unaffectedly decorative, and
in the window corner sits a girl’s
head by that somewhat neglected
Edwardian,- Thomas Gotch.
Finally, up' the road, Leslie
Waddington, too, has dearly con-
firmed his particular habit with
his fifth Groups exhibition, a
natural and intriguing formula
which exploits the scope and
flair of his activity as a dealer,
bringing together works of all
kinds in unexpected or stimu-
lating conjunction. Groups V
has been on a week (until
. January 30) but I have yet to
see it, an omission I shall re-
pair before another is -out. And
a show that embraces Arp and
Vuillard, with Cezanne, Moore,
Picasso, Degas, Monet, Signac,
Nicholson, Martin. Miro and all
between, may even for once be
recommended unseen.
WILLIAM PACKER
George Steiner
adapted for
the Mermaid
George Steiner's latest novel.
The Portage to San Cristobal of
A H. is the basis of a new play
by Christopher Hampton open-
ing at the Mermaid in a produc-
tion by John Dexter on
February 17. Alec McCcwen
plays Hitler, who is discovered
alive and well, aged 90. in a
remote corner of the Brazilian
jungle by a quintet of Israelis.
Les Contes d’ Hoffmann
BY MAX LOPPERT
Little more than a year after
.its first showing at Covent Gar-
den, John Schlesinger’s Hotf-
maim production is -revived, and
continues to please. The Offen-
bach opera is itself a mixed
blessing, the glimmering of a
brilliant and compulsive enter-
tainment, unevenly realised;
and the unevennesses, above all
those of musical quality, were
not disguised by Thursday’s per-
formance. They eould hardly be.
while the Royal Opera pursues
its policy of extravagant
multiple casting (a different
player for each, of the four
heroine, villain, and servant
emanations) and while it
chooses, of all the editions ■ of
this genetically tangled and.
dramaturgically compUaealed
opera in existence, undoubtedly
the most corrupt. But the; sets
are agile, witty, and handsome-,
the outline of each act is
incisively shaped, and — allowing
for the absence once again of a
single Francophone singer in
its midst — the partly familiar,
partly new cast gives in the
main a very decent account of
itself.
The newcomers have occa-
sioned some -interesting altera-
tions of focus. A year ago, the
Venice act could not escape the
usual charges, of dramatic
vacuousness; this time, because
Giulietta (Josephine Veasey)
was played with a gleam and a
flash, and because Bapertqtto
(Thomas Allen) had both the
high baritone and the presence
of commanding menace, it now
seemed to be at least about
somefftniff though what,
exactly. I still can’t be sure. Mr
Allen’s account of “ ScintiHe,
diamaot " was the evening's
vocal high point, one that would
he unhappily sacrificed even to
a more authentic version of the
opera (to which, of course, the
aria does not belong). Other
new players also demanded in-
creased attention: Nicklaus
(Diana Montague) is tall, aristo-
cratic, handsomely plausible ■
and. in her final Muse incarna-
tion, even rather moving. John
Dobson (Spalanzani) and Peter
.Teffes (Nathanael) deserve at
least a mention.
Munich, . . toy comparison,
paled. Leona Mitchell, replac-
ing lieana Cotrubas as Antonia,
makes gorgeous bat dramatic-
ally irrelevant sounds — this
was any old operatic heroine,
not a specific portrayal, (It was
instructive to note, in this re-
spect how the American soprano
allowed her words to melt into
an ail-purpose ‘‘ah' 1 at the ap-
proach of every difficult high
Leona Mtdwfl and WiUnm Lewis
phrase).' Pathos was lacking,
intensity likewise and therefore,
the “proper” order — Giulietta
after Antonia — coidtftoe restored
with no loss of momentum.
(Last time, the wrong order
seemed the right one). The Dodl
Act is now a comedy' of h i g h '
polish and invention; Lucian a
Serra’s Olympia returns in even
more deDgfetfol form, Geraint
Evans . (Cdppelius) and Paul
Crook) Cochenille) have found
fresh det&il in their drollery.
On. Thursday we met a new
hero, the Am erican William
Lewis. (For all but one of
the remaining performances,
Placido Domingo 4s back at his
post). I intend no slight to the
prodigal resources of the latter,
to his unequalled' combination
of power and passion, warmth
and unstinted involevement. If 1
suggest that BfrLewis could even
be reckoned the" more suitable
player' of the parti ■ .The. voice, -
light" in .cctojr, ' muscular lit
timbre, ’not ’yei? glamorous but;.;
clear apd well forward; .sounds' -
notin^lake.the' French-tetwrbf-'
. h avowed , tratfitioa (for me . -if
carriecbodd renunders iOf-RaouL-'
Job in’s tenor) ;the style- of. the.'
whole". portrayal was refresh-;
ingiy fine-cut. careful in pro- ',
nunclatum, direct -and. elegant . :
in attack:. Jacques DeLacQte coh- '
ducts, ; with a refusal to inflate -
nwirfraii means, beyond their 1 ' in- -
herent. worth that does JbjsJ]
musicianship .. notable credit : :
This did mean, though, that in
the '. Prologue '• there , . were,
stretches of relative : flatness; :
and at times I must confess .
longing for just ra few. of the /;■
spurious excitement whipped .up ; ';
■ by Mr. Delacfite’s predeceSstJr,' '
Georges .Prdtre. ' “ 'V
‘Drama’ Awards
Drama, the quarterly theatre
magazine supported by the
British Theatre Association, has
announced its annual awards
based on the nominations of 18
London theatre critics. /•••■■■ •
The best new play, is Transla-
tions by Brian Friel; best new
comedy, Goose-Pimples devised
by Mike Leigh; best new musi-
cal, Cats by Andrew Lloyd
Webber; best .revival award ,
shared by The Seagull (Royal
Court), The Seagull (Shared
Experience), A Doll’s House
(RSC Otiaer Place); best actress,
Penelope Wilton in Much Ado
and Mon and Superman at the
NT; best actor share*! by
Michael Bryant in pie Mayor of--;
Zalamea (NT) and Alan Howard
in. Rickard 11, The Forest and
Good (all RSC); most promisbjg ’
new -actress. Tracey Ullman ih' V
Four m a Million; mostpremns-.
ing new -actor, Rupert TSwweftW
in Another Country; best- snprr’
porting actress, Brenda Blethyn
in Streaming; best supporting- . - :
actor, Ian Baztnen in Trdnstd-z
lions; most promising new playfe"
wright. Hamf Kurelshi - , fog"-;
Outskirts, and Borderline,- beagv
director • Maxr - • StaffoMfcGlasi . .
(fo t The Seagull) aOd Adrian -
NoWe (for TheD&chesS pfMdlfi- -.
and A- Doilfc House).*
F.T. CROSSWORD PUZZLE No. 4,773
A prize of £10 will be given to eack of the senders of the first
three ■ correct solutions opened. Solutums-must be received by
next Thursday, marked Crossword in the top left-hand corner of
the envelope, and addressed to The Financial Times. 10. Cannon
Street. London, EC4P 4BY. . Winners and solution will be given
next Saturday. -
Address
ACROSS
1 U.S. girl and boy at job
centre (6)
•4 Pointed saws? (S)
10 I try a well-planned permit-
' tation and if comes up oii
the pools (54)
11 Like Humpty-dumpty, love
emptiness (5)
13 Who's appearing in the
. entertainment? ... (4)
13 ... they, at first! (10) ,
15 Time of ore gain develop-
.- ing? 1 4, 3)
16 Matador's algesia of the back
(6)
19 Some Aintree ones are
barred as illegal dealers (6)
21 Universal medicine cut short
around hospital in dashing
manner <7)
23 Spring-driven 24? (5-5)
25 Wine guys keep down? (4)
27 Dravidian language of many
in queue (5)
28 This is to keep ” The Nag’s
Head " in order (54)
29 Start of trouble, shavers
going wrong — they leave
stubble (8)
39 The Fair Maid of Perth? (6)
DOWN
.1 How pint’s pulled : in
village . . . (8)
2 ... it provides correct mea-
sure for the bartender (9)
3 Instructed, we hear, in civil
; wrong <4)’
5 Cargo earning revenue —
settle by weight (34)
6 Earthquake due to landlord?
(64)
7 Make up for deficiencies — at
what time? (5)
8 Sunday maids contrary show-
.mg love of cruelty (B)
9 One engaged in cafe for .a
change (6)
14 Venetian number? (10)
17 Lady-bower of Brookfield?
(9).
18 Common word sequence pro-
nounced in court (S)‘
20 Act as lawyer and petition . . .
17)
21. . _he makes a. case .for the
cricket re-orgaoiser (6J
22 Riding-whip of second
sorceress (6) .
24 .23 to send baqk (5)
26 Diving birds come up to find
large gull (4) . ■_
Solution to Puzzle No. 4,772 ,
Hnnnnnan Hsnnns
0 to a a h h □
Hnaoiransa aafSHan
a n n n a a a
aznaansci □□aaan
3QGIC300QI1
asnHcsonHtna
HauaaQQSi
aaHQHsnnsQ
0 ld a a HSU ge
□maaaa saanBaan
a EE--0 a 0 g is
□EDHE 3 HH snaatiHam
h a □ a e a □
nirrmniioj nancimnirani
BBC 1
vindicates programme in
black and white
9:05 am Swim. 9.30 Swap Shop.
12.12 pm Weather.
12.15 Grandstand, including 12.45
News Summary; Football
Focus (12.20); World Cup
- Skiing. (JUG) The Men’s
Downhill from Kitzbuhel:
- - Rugby. Union (L50.-3.55j;
Darts (3.55) Embassy
■ World Professional Cham-
pionship: 4.35 Final Score.
5.15 News. -
•5-25 Tom’ and Jerry (London
and South East onlyj.
5^0 Bugs Bunny Mystery
Special.
5.55 World Cup Draw from
"' 'Madrid. - - .
6.35 J ini’ll Fix It.
7.10 Nanny starring Wendy
Craig.
8.05 The Two Ronnies.
8.50 Dallas.
9.40 News and Sport.
9.55 Match of the Day.
10.55 Parkinson with weekend
guests.
11.55 Golden Soak by Hammond
times in six parts.
BBC 1 VARIATIONS: Cymru/
Wales — 5.25-5.30 pm Sports News
Wales.
Scotland — 3.23-5.30 pm Score-
board. 9J5-10J5 Sportscene.
12.45 am News Headlines and
Weather for Scotland.
Northern Ireland — 5.05-5.15 pm
Scoreboard. 5-25-5.3G Northern
Ireland News. 12.45 am News
Headlines and Weather for
Northern Ireland.
England — 5.25-5.30 pm Sport/
Regional News East (Norwich);
Midlands (Birmingham); North
(Leeds*; North East (New-
castle); North West (Manches-
ter); South (Southampton);
West (Bristol): South West
(Plymouth).
BBC 2
; 10.10-11.40 am Open Univer-
sity.
f2-50 Saturday Cinema: ’Odeue'.
starring - Anna Neagle
artd Trevor Howard.
'4.45 Play Away.
3.10 The Sky at Night
■ 5.30 Darts: Embassy World
Professional Champion-
ship.
7.10 News and Sport.
7 25 Did You See ... ?
8-05 The - - - Most - Valuable
• . Englishman Ever. .
9.35 Film International: “To-
morrow I’ll Be Scalding
Myself With Tea."
1L05 The Light 'of Experience.
. 112.0 News. an 2.
SOLUTION AND WINNERS
■ OF PUZZLE NO. 4,767
Mrs B. -Aston,’ 8 Sudeley Ter-
■ race, Kemp Town. Brighton.
; -East Sussed.'.
Rlr~ R. Cr Bishop. 78 Carisbrooke
Road, Leicester.
Adrian Williams, 34 ‘Manchester
Street, London,- W-l
11.25 Darts (Highlights),
r 12.00- U0 am Midnight Movie':
•• Crime of Passion,”
starring Barbara Stan-
wyck. Sterling Hayden
and Raymond Burr.
LONDON
8.35 am Sesame Street. 9.35
Thiinderbirds. 10-10 Tiswas.
12.15 pm World of Sport: 12.20
On the Ball; 12.45 World
• Cup Skiing: 1.00 Swimming
— The Gainsville Interna-
tional from Florida: 1.15
News; 3.00 American Foot-
ball— The AFC/NFC Finals;
3.45 Half-time Soccer News
and Reports; 4.00 Wrestling;
4.50 Results.
5.05 Game for a Laugh pre-
sented by Henry Kelly.
Matthew Kelly. Sarah
• Kennedy and Jeremy
Beadle.
4LO0 The World Cup Draw.
6.35 News.
6.45' The Goodies starring Tim
Brook e-Taylor. Graeme
Garden and Bill Oddie
with Wayne Sleep.
7.15 Family Fortunes presen-
ted by Bob Monkhcmsc.
7.45 Hart to Hart.
8.45 News.
9.00 "Capricorn One." starring
Elliott Gould. James
Brnlin and TeHv Savalas.
11.15 OTT.
12.15 am LWT Weekend News
followed by Johnny
Carson's Tonight Show.
12.55 am Close: Persona) Choice
with Ginette Spanicr.
All 1BA Regions as London
except at the following times:
ANGLIA
9.00 am Sciamtr Street. 10.00 Sport
BHIy 7.45 pm Magnum. 12.15 am Ai
Iho End ol the Clay
9.35 am Thund^rbirds. 7.45 pm
Magnum. 11.15 Hear Hero.
CENTRAL
9.05 am P.unt Alonq ¥/iih Nancy.
9:30 S«jm« Street. 7.45 pm Magnum.
7.45 pm The Fall Gu/.
GRAMPIAN
9.00 am So3amo Sired. 10.00 Joe 90.
7-45 pm Majnum. 12.15 am Reflections.
GRANADA
.9.30 am Spioerraan 9.40 Thunder-
birds.. 7.45 pm Magnum. 12,15 am
Lou Grant.
9.10 am Tha Adventures of Blacl
Beauty. 9.35 Thunuerbirps 12.13 pm
HTV News. 6 43 HTV Mews. 7.45
Magnum
HTV Cymru/ Wales— As HTV VJast
ereepr 9.10-9 35 am The Book Tower.
5.05 Res Sqviar. 5.35 Cor toon Time.
5.45-6.% Gome For a Louah.
SCOTTISH
9.15 am Vicky the Vihin-j 9 40
Thunderbtrds. 12.15 am Late Can.
_ □HEaanaDDunci.
IS Q D 0 Q □ m: H
IgQQDaaa ntaHBiiaQo
la □ q a h a n h
lamaaci Hianaaaaa
!□ 0..“0 ’• Q- 0
InciQaGiBaaBE- sage
[□ 0 n fi n v q
E0aa aaannaaaEiQ
is n
laQQHQHQCI-^lr ^QCJoijrj
Ie h a h - nr a- § 0
□namriaQ
IQ U a 0...B.:ra
11.45 University Chaifflngo 12.12 pn»
TSVI Regional News. . 7.45 The. Fall
Guy. CAZ TSW New* 1Z-15 1 am
Post*cripl. 12.20 SDurJi-Wost Weather
and Shipping Forecast.
9.00 am Saturday Brief 9.C5 Here’s
Boomer 9 35 Tiundarbirds. 10.30
No 73. 11.45 Beeson. 7.45 pm
Magnum. 12.15 am' Company.
TYNE TEES
9.00 am Cariacn Time. 9.10 Whcaiio
and thg Choppar Bunali. 3.40 Thundor-
birds. 12.13 pm North-East News
. 7.45 Magnum. 12 15 am Three’s
Company.
ULSTER
10.00 am Stingray. 1.13 pm Lunch-
lime Nows. 5 03 Sporu Rtsirim. 6.03
Ulster Naws. 7.45 Magnum. 8.59 Ulster
Wosthor. 11.15 Mark and Mindy. 11.40
Bedtime.
YORKSHIRE
9.00 am Cartoon Time. (9.10 The
Salutday Morning P.ciuro Show “ John
And Julie." starring Ffclcr Seilers.
MciTj Lister. Wili'Od Hado White «nii
Sidney Jamas 7.45 pm Magnum. 12.15
am That's Hollywood
RADIO 1
(S) Stereophonic brondcarct
1 Modiuni Wive
5.00 am As Radio 2. 7.00 Pliri round.
8.00 Ton/ Blackburn wuh Junior
Chaico. 10.00 Peter Povell. 12.00 My
Top 12. 1.00 pm Adrian Juste (Si.
2.00 A King in Mew Toth (Si. 2.05
Richard Slirner ISl. 4 CO Wahars'
Weekly ;s). 5.00 Roci On (SJ. 6.30-
7.30 In Canceri (S).
RADIO 2
5.00 am Peter Marabou with Tbo
Saturday E->rly Shaw (Si. 8.00 David
Jacobs with Star SourVs <Sj. 10.00
Siar Choice (S). 11.02 Cricket DcsV.
11.03 Thn Kenny Eueratt Show (S).
1.00 pm Getting the Most Our of Your
Body. 1.30 Sport oft 2. Ruamj from
Ascot 1.35; FnorbaH: Commentary on
the second half of one of the day's top
League maiehss. News Irum jll the
others; Rugby Un>on; Tunms. Volvo
Musters Tournament from :,‘ow York:
Cricket: Report on the Fifth Tost —
Indio v England. World Cup Draw,
direct Irom Madrid: 5.00. 5.45 News.
Reports. Classified Results 7.00 Beat
the Record. 7.30 Big Band Special with
the Radio Big Band (S). S.QO Torry
Woman's Music fJ>iht starrinn Vic
Damono and Ins Williams, including
S .45-9.00 Interval Talk fay Peter Clayton
(3). 10.00 Nordrmo ’80 (Sj. 11.02
Sports Desk. 11.10 Peto Murray’s Late
Show (S). 2.0O-S.CO am You and the
Night and Hit Music fS)
RADIO 3
7.55 am Weather. 8.00 Nows. 6.05
Aubado fS). 9.00 Naws. 9.05 Record
Rev<ew f ST . 10.15 Stereo Release (S).
11.15 Bandstand (S>. 11 45 I Know
What 1 Like (S)t-B. A. Young, mama
critic, presents a porsonai citoico
records (Sf. 1.00 pm News 1.05
Music of the French Baroque (5) 3.00
Ploy it Aqain fS) 5.00 Jaza Reccrrl
Requests with Paler Clayton (S). 5.45
Critics’ Fqrnm. B J5 The Cldsaicnl
Guitar f^J 7.15 " L’Eaiaio ’ onoro m
three acts by Pier Francesco CavaUi.
diroct from the Theatre Royal. Glasgow,
a now production by Scottish Oporo
(sung m Italian), Act 1 (St. 6.00
Interval Readinq. B.15 “ L Egista.’'
Act 2 9.10 Intcivat Readmn 9.25
" L’Ernsto." Act 3. 10.30 My Wi'o’s
First Husbjnd /short story bv Charles
Low^onl 11.00 News 11.CS-11.13 A
Victorian Suite by Benjamin Godard
(SI.
RADIO 4
5.25 am Shipping forecast ©.30 News.
6.32 Farming Today, fi.50 Yours Pailli-
lully. 6.56 Weetlter. crogrimmc ticv/ B
7.00 News. 7.10 Today s Papers 7.15
On Your Perm. 7.46 -Yours raiH;fully
7- M It’s A Bargain, 7.55 V,cclh«r,
programme nowg. 2.00 Ncv»y. g.io
Today's Papers. 8.15 Spor On 4.
8- 50 Breakaway in Plymouth, intruding
9.00-9.05 News. .. 9.50 News Stand.
10.5 Talhinq Politics. 10.30 Daily Ser-
vice fS). 10.45 Pick Ol The Week (S).
11.35 Fronv Our Own Correc oondon i.
12.00 Newg. 12.02 pm Monoy Box.
TSW
8.2S tm The Saturday Show. 10.25
Survival. 10J0 Gus Honeybun's Magic
Birthdays. 10.55 The Incredible Hulk.
12.27 The New* Quiz (S). 12.65
Weather, programme news. 1.00 News.
I. 10 Any Questions. 1.6S Shipping
Forecast -2.00 New*. 2.05 Tfalrty-
Mmuie Theatre. 2-35 Medicine Now.
3.05 Wildlife. 3.30 The British Sea-
farer. 4.15 A Place To Droam. 4J0
Does He Take Sugar? 5.00 Novels Up
To Now. 5.25 Week Ending (S). S^O
Shipping forecast. 5.55 Weather, pro-
gramme news. 6.00 News. B.15 Desert
Island Discs (S). 8.55 Stop The Woek
with Robert Robinson. 7.35 Baker's
Do;cn (5). 8.30 Saturday-Night Theatre.
9.58 Weather. 10.0 News. 10.15 Enter-
prise South West. 11.00 Lighten Our
Darknosi. 11.15 A Word In Edgeways.
II. 45 On The Train to New Zeeland.
12.00 News.
BBC RADIO LONDON
5.00 am As Radio 2. . 7-32 Good
Fishing. 8.00 News, weather, traffic,
sport. 8.05 Weekend What's On. S.02
On tho Rates. 9.30 Openings. 10.02 All
that Jazz. 11.30 The Robbie Vincent
Show. 2.02 pm Breakthrough. 3 JO The
Great Composers. 5.00 Guideline. 5.30
Quest 6.00*5.00 am Join Radio 2.
LONDON
BROADCASTING
7.00 am AM with Jonny Lacey and
Magnus Carter- 10.00 Jelly bone- with
Rosie Kompaton. 12.00 LBC Reports
with Dos Fahy 1.00 pm Sportswatch
with Dominic Allan. 6.00 LBC Reports
wtth Dcs ’Fahy. 7.00 Geet Mala. 8.00
Network. 9.00 LBC Special. 10.00 Night-
line with Thoreee Birch. 1.00 *m Night
Extra with Steve Allan. 4.00 Hayes on
Sunday 4.30 Decision Makers. 5.00
Morning Music.
CAPITAL RADIO
7.00 am Graham Dene’s Breakfast
Show 9.00 Countdown with Peter
Young. 12.00 Dsve Cash’s Cash
Country. 2.00 pm Duncan Johnson’s
Afternoon Delight. 5.1» Peter Young.
6.00 Juke Box Saturday Night. SJJO
Capital Re -Cap with Devid Caste] I .
10.00 Roots Rockers with David
Rodigan. 12.00 Midnight Special.
SNOW REPORTS
OUR FULL SNOW report
service starts today. Each
week throughout the season
we will try to give a reason-
able regional spread of resort
reports from- oar own corres-
pondents In the U.S. and Ski
Club of Great Britain repre-
sentatives in Europe.
The reports are accurate
as possible but readers should
remember that one day can be
a long time in the mountains
and things can change. If a
lot of snow is reported it is
unlikely to lave gone if yon
are travelling within a day or
so. but if the report is poor
there is always a chance that
it will have snowed. .You
^ never know your lock.
Most ski areas in- both
Europe and North. America
have had a superb start to
the ski season. Some places
have had almost too much.
See ski reports. Page 8
CHESS SOLUTIONS
Solution to Position No. 406
1 . . . R-Q7! 2 RxP. QxR ch!
3 QxQ, RxR and White resigned
because after 4 Q-NS ch, R-Nl;.
5 Q-N7, R(7)xP ch, he has to
give up, his' queen for the two
rooks, leaving a lost pawn
emlgame.
Solutlon to- Problem No. 406
1 Q-N6. If 1 . . . RxP; 2 BxP.
or if R-R3^ 2 Q-QB6. or if R-N4
ch; 2 B-N3, or if R-B4; 2
nr if K-A’4; 2 B-Q3. or if K-B4:
2 Q-QB6, or if KxP; 2 JB-K4.
THEATRES
CC J>1-a36 781 1 . COYLY
CARTE tar IS vrtwkt oufy wltlt 7 ouaras
by DrLBErn and SULLIVAN. Jan 16.
18. 19. 20 YEOMEN OF THE -GUARD.
*iL 2 li3 2 -.5 s J5JP , ?J eo, «- ewrSo.
2 ’ 3 °’ Ct * d,t Kotllne
01-930 0731. . ’ ..
1
16 1982
lf Ul COLLEGTIffe
VIDEO REVIEW
; y*
>% r- • .-yrr^ ^,y n y : ■ *• " '■ “
• v V: . ■ \ * .
ards
r-.
. : ‘ - i ' !
• _ .
no.'
JSU'
: f.4 . : j: :• ’
•-.i .*iC >: S*
■•- *' '• . -S
,-y;V ~
' • * \-Tsi •
B!f JANET
EACH YE^fe
pnbfish a
vey of A
the- p%sz-Jear,
ooeers
■' sttf:
i Itt'
Columns
to
QBr.the
year- is
•gftrmture/'
for- the
g fie has:
f'EtJWar-
Vr. ^
-•
' 1 ■> 1
pac
“Good
- whicfiL-is
collector,
a dear *powfH -a^vf**** &ow« r-
dian ;5s .not •
-. a met^ even if
for-conx^ldb^^fdefiBe the
Edwai^aff'sffi#^ as ^tretching-
from tiMrr^Hrji of- the Gehtory.
to -the jfltfwak M ; the. First '
Worlds War -fc 5914^ it is -still a
very -sboi^. ^Sace of time. In .
■ tennis , ^.*isMar -aspects of
. Iif e^howsver^it’ was a remark-
ably eveo&ul. era. The cities. :
were.- converted from horse’
. traffic to the. motor car. At the
start . of tha' : period .the : female
silhoaette wto characterised by
the - ho ur-glass figure and the
' cart-wheel hat: by 1914 the
fashion was toe harem skirt, the
split tango^skirtr^hd- the toque
(whose lif& vwaa to he pro-
longed. ah extra 40 years . by
Queen Mary).' •, .
In ifirnltafe -there was not
only a world of. .difference be-
tween 1900 and 1914: there, was
another .world of difference be-
tween the furnishings supplied
in Chelse* and . in Tottenham
Court Road- - Edwardian furni-
ture can mean, in fact, so many
things.. Tbe.start pf the period
saw flue height of art nouveau<_
jmnous -ahd, in the expression
of the architect. C. C. A
Vbysey,. “ squirming.” • -
'-. Up in Glasgow : Mackintosh':
and his school riposted to this
'effete branch of : aestheticism
with 1 their dramatic, angular,. -,
so-called .“spooky fantasies.
Elsewhere .the ..second genera-
tion of artslahd crafts designers ' ;
;|*e Voysey,’ M. H.
vgaillie Scott C. R* Ashbee.
.Ernest .Gimson, the JBansIeys
and ’ Ambrose Heal (who was
the. Tottenham Court Road ex-
ception, having introduced new
standards of design -into the did
: fenuly business) . were Jn. their
creative prime.
1 But'* this art furniture , pro-
faction, though it is whatnow
figures in. tim tfixfijodCB as re-
presentative of .early twentieth
century . design, \ inevitably
represented only a-tiny fraction
of fife furniture made and used-
in the Edwardian period; The
,j c6st of its production even then
was prohibitive except for %
small circle of ' well-to-do
patrons; Tfcerest of sodeiy
bought the apaddne-made com-
mercial products bf Tottenham
Court Road. .•;
- Here, too, thoagdi, the variety
was. aStonlsotog. .To. begin with,'
there.never was such a time for
reproduction" furniture. This’,
taste seemed to have coincided
with a heightened awareness of
• the past' which characterised
Edwardian culture and ■ mani-
fested itself - in a vogue for
historical .masquerades, period,
novels, costume plays and
paintings.*
Heals . were quite schizo-
phrenic: while one department
was advertising young Ambrose
Heal’a finely proportioned new
furniture in natural native
woods (oak- and: chestnut
chastely inlaid, perhaps, with
ebony and boxwood chequers)
another was offering “Queen
Anne and Early Georgian
Mahogany, Being Reproduc-
tions and. Adaptations of the
Bedroom Furniture of the
Eighteen til Century. ” You
could shop up and down the
road for make-believe Adam
and Chippendale and Sheraton
and ; - Jacobean . fumed oak
(Barthold bw and Fletcher at
No. 219* could offer a 6-foot oak
gate-leg table for £4-18-6d). '
Havoc wreaked by 16th
COINS
: i
*.• . ;
THE TREMENECUS Jnaay of
gold and silver from Measico. and
Peru in Jhe .first IriH. of . the
16th century wreaked Jiavbc on
the Spanish economy and .ihe
enormous increase in the. money
supply pushed' u# prices every-
wttieie.'-."
Not much of tills Spanish bul-
lion pefccfiarted to England at
first,-, but its ■ ihflailonary side
effects did, and this resulted in
various exerdso^in the debase-
meiti: o f tile coinage. In 1544
Henry VUI began dfiutlng the
stiver coins with copper as a
drastic deflationary measure,
partly ' to replenish . has depleted
treasury ana partly, to restrict
the flow of good English coin
out nf the country: Although
the - merchants of Antwerp re-
cognfeed Henry's -last coinage
foe wfeal df was, and immediately
adjusted their - exchange rates
.- accordingly, the dehaseaneot had
, no immediate effect on the Eng-
lish domestic economy. The
^gr pat in une^ pocket, remained
the saine. fri terms of purchasing
-'power,: because 'England was
seif -sufficient and imparts had a
negligible- effect 'vm: market
-prices.
But Henry's currency policies
could only work for a..sbort time
; before economic nemesis caught
up with them. Further debase-
ment hi 1S45-7 Tesutted in the
so-called Coppernose coinage:
the silver content, was so small
that the «4>per -soon showed
through in the area of the
greatest wear— tire nose on the
full-face portrait of the king. .'
Henry's death in January,
1547 brought to the throne , his
nine-year-old, son by Jane
Seymour and government inevit-
ably devolved on a council of
regency; heeded by the Duke of
Somerset, toe boy-king’s uncle.
■•By how the inflationary spiral
was accderatingly r^Mdly again
and' the emmeii was at a loss to
know bow to cope with.it They
took the view that if they did
nothing the problem might re-
solve itself, and 'therefore con-
tinued to mint coins in base
Stiver,, in the name of the . late
king, so that he would incur
the blame.
Tins posthumous coinage
lasted .almost four years, or more
than half of Edward’s brief
reign. At the same time, how-
ever, various attempts, were
made -to strike coins in
Edward's name . using higher
standards of alloys. In 1549 the
standard of the gold was raised
finom 20 to 22 carats. Nowadays
this is regarded as virtually the
maximum coinage standard, but
in an age when coins were sup-
posed to be worth face value it
was considered that anything
lea than 23.75 carat was un-
desirable. In' 1540 also, the fine-
ness of the silver coinage was
raised to 50 per cent. This level
might have been acceptable for
the British silver coins of 2920-
1946 but it was far from ideal
in Tudor times. Most of the
coins struck in .500 fine silver
■consisted of sh&Hngs, a sad re-
w
Wjt.
But Tottenham Court Road
also absorbed, adapted, fused
and (the original designers
would, have said) debased the
work of toe new design tnove-
-xnents to arrive at a class of
furniture which has a definable
character of Its ' own, as
‘ Edwardian. ' The favoured
woods were oak (mainly, for
bedrooms and dining rooms),
mahoghny and. for toe salon,
rather indeterminate light-
coloured woods which were
sometimes satmwood and some-
tones masquerading beech or
■ mahogany. '
From somewhere in the
descent from isgh design
(maybe from Mactanurdo) they
had acquired the taste for up-
ward tapering profiles, especi-
ally stiles and pillars Which
tapered to the top and ended
in broad, flat cappings. There
was a liking for enamed plaques
applied like jewels, for fretted-
oul heart-shapes, for delicate
inlay of formal, symmetrical
designs remotely adapted from
the freer floral patterns of art
nouveau, for brackets of jug-
handle shape supporting
elongated cupboard- or table-
tops. for profile and fiat carving.
The more elaborate pieces
might incorporate stained glass
or painted friezes and mottoes.
The period favoured particular
forms of furniture, such as
elaborate sideboards and
dressers with niches for display-
ing china: and “cosy corners,”
small mazes combining settles,
cupboards, shelves, niches, and
whatnots to surround a chimney
piece.
Chairs in particular fasci-
nated Edwardian commercial
designers, who seemed inspired
by the varied extravagances of
Glasgow and of art nouveau to
devise fantasies out of legs and
arms and stretchers so spindly
that they appear too delicate
to take any weight yet which,
miraculously, have often sur-
An Edwardian Art Nouveau satin wood armchair, c. 1910, estimated
to sell for £2004400 at Sotheby's Belgravia on January 20
vived quite sturdily.
And this is one of the
important factors and attrac-
tions of Edwardian furniture of
every taste: it was a period of
admirabe craftsmanship. The
large-scale introduction of work-
diop machinery after the 19S0s
had made possible much betier
construction in the lowest-
priced furniture: while the
craftsman had at his disposal
new ranges of hand-tools
flection of the continuing infla-
tion.
During Edward’s short reign
prices doubled, but wages rose
by only 50 per cent The groat,
formerly the commonest coin in
circulation, as at that time virtu-
ally ousted by the shilling,
nominally worth three times as
much. Eventually the council
was forced to acknowledge de-
feat and issue base shillings
bearing Edward's portrait These
coins axe comparatively scarce
today. In the early years of
Elizabeth’s reign they were
called in and count eraiarked
with a portcullis or a greyhound
and rearcuiated at 4|d and 2|d
respectively as a temporary mea-
sure before they were finally
retired and melted down.
There was an up-turn in the
economy under the Duke of
Northumberland wbo supplanted
his arch-rival in 1549, but two
years elapsed before the coun-
cil were in a position to cany
out a drastic reform of the coin-
age. There was a return to the
ancient 23.75 carat fineness for
a limited minting of sovereigns
and angels but most of the gold
in actual circulation was minted
in 4he now generally accepted
22 carat standard. The silver
coins, however, returned to a
fineness only slightly lower than
toe old sterling standard. The
advent of the fine silver coin-
age of 1551 coincided with the
appointment of Derick Anthony
■as chief engraver at toe Tower
(Norris and Spiers planes and
the range of Stanley innova-
tions from America) more
sophisticated than ever before.
The collector embarking on
Edwardian furniture can look
for quality: and— though, few of
us. now as then, are able to
afford the products of the major
craft designers — there is no
doubt that those first years of
the century produced something
for every taste.
Mint a position he was to hold
until 1599.
Of the six denominations, four
were entirely new, and aB the
designs marked a radical depar-
ture from previous types. Signi-
ficantly, very few silver pennies
were minted and these are now
extremely rare. The most re-
markable aspect of this coinage
was the silver crown, England’s
first essay in the taler-sized
coins which bad circulated in
Europe for several decades.
It seems to have been
modelled on handsome gulden -
groschen of the Tirol (I486),
with its ornate equestrian por-
trait of the ruler, and the date
in the field below the horse’s
belly. This feature was copied
by the English crown and half
crown. Hitherto dates had rarely
appeared on English coins and
then only in Roman numerals.
Now. for the first time, the date
was rendered in a style that
everyone could recognise.
As toe first of the silver
crowns, which continue right
down to the Royal "Wedding coro-
memoratives of the present day,
toe Edward crown of 1551' has
always been in keen demand.
A very fine specimen of this
attractive coin is one of the lots
being offered in Sotheby’s sale
English and foreign coins next
Thursday. The going rate for
crowns of this type and condi-
tion is around £600. The same
sale includes several mixed lots
of crowns of the 19th century.
"l#-rrn|
'ACJ
n‘djn
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\ EFFECTIVE JANUARY, 1982
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COMPANY NOTICE
ART GALLERIES
A shock
visual
revolution
BY NIGEL ANDREWS.
REVOLUTION'S come in ali
shapes and sizes, but there's
no doubt about toe form and
character of the one that- has
hit toe cinema' at the start of
the 1980s. Video-cassettes have
swept, a vasr tide of swirling
magnetic tape, over toe movie
industry. Turn a corner to where
the video market is fn any big
city today— -and in London it's
toe rainbow-hued shop windows
of Tottenham Court Road — and
you realise with a shock to the
retina that a New Audio-visual
Age has dawned.
Colourful cartons glow and
glower at you like a psychedelic
jungle. Horror films jostle with
sex films. Ealing comedies with
Italian toga-and-sanda] epics. In
handsome cases they stand
shouJder-to-shouIder like glossy
best sellers, offering thrills,
spills, value-for-viewing and a
hairsbreadth 'scape from the
daunUns purchase prospect of
£40 by tagging themselves
£39.50. (Though a gratifying
few descend to as little as £25,
and a dismaying few more
dims to as much as £48). Most
titles are also available on ren-
tal. of course, for a more
modest outlayof a pound or two
for a day’s hire.
My colleague on this news-
paper, John Chittock, has de-
voted much priceless newsprint
to familiarising you with toe
technical wonders of video
machinery. This column— which
will appear fortnightly on Satui-
days— is aimed at guiding you
round some of the "software”:
the new movie releases avail-
able on video-cassette.
Well - known hot - from - the
cinema titles— from The Deer
Hunter to Death on the .Vile,
Autumn Sonata to Superman —
already abound in a yet-young
market, and refresher notes on
these may help you apportion
your video budget
But many films newly view-
able on video have never seen
the darkness of a movie-theatre,
at least in Britain, and have
taken the direct short-cut to
your own living-room. Recent
inclusions among these curious,
and at times star-studded, rogue-
films are Tlie Bugs Bunny/Road
Runner Movie, a compilation
animation feature from the hey-
day of Warner cartoons, Robert
Mitch um and Lee Majors in
Agency (drama and heartache
in an advertising firm) and
David Soul and Ron Moody in
a full-length slice of. comedy-
pathos called D ogpound Shuffle.
More about these and other slip-
outs from big-screen exposure
in future weeks.
. There are also — no lessbeguil-
ingly — video reissues of films
older than this writer’s own
career-span (and many readers’
reading-spans) and now due for
enthusiastic reintroduction: not
merely • vintage - Hollywood
talkies like Casablanca, All
A scene from “The Deer Hunter ’*
{
About Eve. Tke Maltese “ big ” films may avoid the
Falcon and others, but sound- worst of these excesses, but
less perennials like Douglas they're still wrap-around rect- i
Fairbanks in The Thief uf angles awkwardly reprocessed
Baghdad and Lon Chaney in for an (almost) square format.
The latte^are °/ssuefb?The These are problems that film-
enteroStog SpecS compaLy. ^fcing have to confront
Sio^^aS n™ brought ^i m 0Ve ^ os WJt i v lh l^ e n °
out a video version of the ko° m - perb ^?i
grandest Oldie of all. D. W. themsehes wiH be pert-uaded to
Griffith’s Birth of a Nation, change shape, or accommodate
This revamping of a pioneer different shapes, to aUow the
classic, complete with colour- grandeur of Cinemascope and
tinted sequences, I hope to Panavision and even Cinerama,
review in my next column. p or video technology today.
Spectrum is only one of a the skv is almost literally toe
legion of video rental and distri- ihuiL ‘Recent developments in-
bution companies currently video miracles include a giant
enjoying the home-viewing screen designed by Matsubishi
boom in Britain, and heated f or outdoor use in stadiums and
competition has been producing arenas: 20 ft by 27 ft. it is 440
the predictable harvest of hay- jj mes the size of a 20-inch TV
wire acts of rival publicity. screen and its surface is com-
One company even offers a p 0se d of 38.000 tiny light-bulbs,
bag of ..popcorn free with each wa] the wheel of screen-sizes .
film you hire. (Doubtless to come full circle — and TV
calm your withdrawal symptoms screens of the future tower
at not being in a cinema.) over U5 ijfc e the Odeons and
Others offer vigorous under- Gaumonts and Alhambras of
cutting in . the rental-cost 0 id?
department
Video software does not of
course, stop at feature films.
You may purchase gardening
cassettes, cooking cassettes,
sports cassettes, opera cassettes,
and there is even a cassette
which will share with you the
secrets of that deathless brain-
teaser of the 1980s, toe Rubik
Cube.
This column, however, will
be movie-oriented. I hope to
point out best-buys in the
video market and also to issue
some consumer car-ears. Wide-
screen films processed for the
TV format are going to give
you many of the familiar prob-
lems encountered in watching
feature films on television. We
have all lived with toe charac-
ters in once-Cinemascope movies
who are TV-reduced to a nose
on each side of the screen
from which voices mysteriously
issue. And there is also — when
the movie-frame is extended
upwards to fit the TV ratio —
the curse of the Damoclean
microphone, revealed overhead
like a dangling interstellar
carrot Cassette versions of Superman
Memoirs of a non-hunter
PERSONAL
IN LIVING
MEMORY
Floral tributes fade. Your ragard for
a daparted friend livnt on if you
maltB a donation in thair «»nw to
Halo tha Aged's work — towards a
Day Centra for the lonely, medical
treatment or research for the old.
or help for the housebound. Euery
C achieves a great deaf for the eld.
Please 1st us know the namo you
wish to commemorate.
COUNTRY LIFE
JOHN CHEftRlNGTON
MR KIDD, one of those who
objected to my remarks about
fox hunting, suggested that I
have missed out in life through
not being addicted to horses
and was good enough to offer
me a mount. This l must
decline. I gave up professional
riding many years ago. as soon
as I could get a job and then
an occupation that provided me
with motorised transport, and
have seldom trusted myself to
a horse’s tender mercies
since.
But I had four- years in New
Zealand and Argentina when I
rode every day and all day
except when I was doing harder
work. Every crease in my
trousers gave me sores and I
developed piles through riding
on a wet saddle. There were
no comfortable hot baths after
a day on horseback to take out
toe aches and pains as Mr Kidd
doubtless does to relax after
a day’s hunting. There were
no hot baths, only a swim in a
creek of a water tank. Neither
to be recommended in. the
winter months.
In New Zealand my employer
provided a hack, by name and
by nature, a disillusioned beast
of burden. I had to ride her
six days a week on the farm
and could have her for my own
pleasure on Sundays. She was
my only escape from toe lonely
farm. I used to ride her five
miles to the township where I
borrowed a bicycle. A bike will
carry one much further than
any horse on a main road and
does allow for a silent
approach while- looking oul the
local talent. The clatter of
hooves or neighing will soon
alert an anxious parent or
brother.
1 was supposed to take 'Jose,
for that was her name, to the
annual camp of toe mounted
rifles into which I had been
conscripted. I did my best to
militarise her. She stood stock
still while I fired a rifle off
her hack. In fact she stood
still for most of toe time unless
forced along by constant
whipping.
I was riding across a boggy
stretch over which she was
gingerly picking her way when
we were attacked by a wild
heifer. I tried to make her
accelerate, .at which her hooves
broke through toe surface and
she bogged down. Horse’s
hooves are cone shaped; when
they go into mud they stay
there. A heifer’s on the other
hand are cloven and squeeze
together when pulling out of
mud. I jumped off. Jose suit-
ably ' lightened was able : to
gallop away drawing toe heifer
after her. She may have saved
my life.
Th'e Argentine horses were
much more lively. I had half a
dozen in my troop, one for
every, working day. This meant
that every morning there was a
fresh hopse to ride and if I
wasn’t very careful it would
dump me off or .try to. I learnt
a lot about horses there. That
toe- tamest horse would turn
temperamental, ‘ that when
c ha s i ng cattle they could trip
and the only thing to do when
a horse looked like falling was
to abandon ship as fast as pos-
sible. I was not as good as toe
local gauchos who would end
up running along the ground,
but I never broke anything.
I even bad to break in about
a dozen in three weeks which
had been lassoed out of toe mob
of youngsters. They were good
Argentine slock horses without
too much blood line so they
could stand our treatment.
Rather better than I could,
although I always fell off well,
perhaps through having played
rugby.
Some were used as polo
ponies and 1 had to train them.
Once when changing mounts at
the end of a chukka I put the
bridle on awkwardly and the
horse’s head came up and broke
my nose. I did not rate a
groom. The only pleasure ride
I suppose was the 25 miles to
the nearest town to spend the
day with some friends, riding
back at night with toe horse
shying at every imagined sight
and sound.
One of my predecessors in
this job had been sacked,
allegedly for not getting back
on a horse that had thrown, him.
1 passed muster on this one,
and after doing so handed him
over to the transport gang io
pull a light cart. Meanwhile I
was riding one. of my own
tamed horses one day with the
manager which became upset
and began to buck. J had never
had such a banging before, and
after toe third mighty leap I
abandoned ship and landed well
dear. , , _
He galloped away and T can
still see the sardonic look in
the manager's eyes as he waited
for me to remount. I never did
take that test. The horse
charged a wire fence and lamed
jiself so badly that it could not
be ridden again. I left before
he recovered. Do you blame me?.
.V.3-
14
Financial Times Saturday January 16 1982
FINANCIALTIMES
BRACKEN HOUSE,! CANNON STREET. LONDON EC4P4BY
Telegrams: finantimo, London PS4.Tetex: 8854S71
Telephone: 01-2468000.
Saturday January 16 1982
Stagflation,
round two
THE SIMPLER guides to mental
illness explain that a psychotic
is a man who tries to impose
his own mad reality on the
world, whereas a neurotic can
recognise reality well enough,
but finds it hard to bear. On
that definition, we seem to be
passing from the psychotic to
the neurotic phase of our
present economic sickness. We
are in much better touch with
reality than we were a few
years ago, but it does not make
us feel any better.
The new. gloomy realism
can be seen readily enough both
in the labour market and' in the
financial markets. We are still
relighting some of the old wage
battles in this country, but
without much heart; and the
gold price is falling, always a
sign of abating fever. There is
little to cheer about, though.
Aristocrats
The two major and potentially
damaging labour disputes in
Britain seem to be left-overs
from a past age. The deplor-
able logic-chopping on both
sides of the railway dispute
speak more of long-nurtured
exasperation than of any
rational issue between the two
sides. Public transport feels ill
done by in this country, and
with some reason.
Even before the Lords' judg-
ment on London's problems.
Governments of both parties
were very niggardly in their
support by international stan-
dards — a combination of ques-
tionable transport economics
and long frustration about the
inefficiency of the services
themselves.
The train drivers, once among
the aristocrats of the skilled
labour force, appear especially
embittered; their employers
have been soaded near the
limits of endurance over the
years. The dispute may or may
not work off the pent-up rage
on both sides, but the cost to
the service and its users seems
likely to be heavy.
The miners’ vote is on die
face of it a very different mat-
ter— a first demonstrative flex-
ing of muscles by a new, mili-
tant leadership. Here again,
though, the past seems to be in
control. Mr ScargHI is assert-
ing what he sees as a militant
tradition in the coalfields. His
members, if they do decide to
follow his lead, appear full of
doubt
Left to themselves, they
would probably behave more
like most employees in the pri-
vate sector, who vote over-
whelmiugly against militancy,
or the leadership of the Ameri-
can United Auto Workers,
which simply admits that times
are very hard.
The British union movement
as a whole has a further strong
reason to prefer peaceful
bargaining to outright disputes:
it is fighting for it® political
life. The rise of the new poli-
tical alliance is the middle
ground of British politics means
that unless Labour can regain
much popular support, there is
no friendly government in
sight. Displays of aggressive
militancy, whether in the con-
stituencies ot on the shop floor,
could simply ensure that im-
posed legal reform of labour
relations is confirmed and
extended.
What is most disturbing for
the unions is that the member-
ship does not seem to mind.
Whatever else Mrs Thatcher
may achieve, with her morale
so happUy restored this week,
she has helped to convince
workers of a basic reality:
incomes must be earned before
they can be bargained for. The
recession is a far graver threat
than any legal constraints on
strikes.
If such realism had been seen
in the labour market a few
years ago. the financial markets
would have celebrated with
little restraint: bat now .they
remain sunk in gloom. They
have worries of their own.
Realism in the financial markets
is overdue, and all the more
uncomfortable for that.
In the past a fall in the gold
price could be read shnply as
a revival of confidence in
money. This time, the markets
are not apparently taking any
view of inflatipn — otherwise
long-dated Government stocks
would hardly languish at near-
record interest yields. They are
simply ^xpresfing the view that
positive and often punitive real
interest rates are here to stay.
Market interest rates now show
a large premium over the rate
of inflation, worldwide; goM
has never promised to do that.
Burdens
This looks like a comforting
message at least for savers, bnt
it is not; for the real incomes
of savers, just like those of
wage-earners, must be earned in
real terms, and the circum-
stances are unfavourable. It is
no accident, then, that the re-
appearance of read returns on
investment has coincided, with
a great deal of worry about the
quality of the real assets on
offer.
Debts run up in the comfort-
able assumption that inflation
would ball the borrower out
suddenly look like crippling
burdens. The creditworthiness
of several sovereign nations and
many well-known companies is
now in doubt. The rise in yields
is as much a recognition of risk
as of inflation. The financial
market, like most unions, are
now beginning to see the ugly
reality of our problem. This
nasty awakening Is necessary if
we are to find real solutions— a
search which is just beginning.
ROYAL BANK BIDS BLOCKED
A win for Scotland
By William Hall, Banking Correspondent
T HE Monopolies and
Mergers Commission con-
firmed yesterday afternoon
that it has indeed blocked what
would have been the biggest
hfl/rfafertg takeover in the UK for
weU over a decade.
Its majority decision, sop*
ported by the Government, to
reject the rival £500m bids by
Hongkong and Shanghai Bank-
ing Coarporation and Standard
Chartered Bank for the Royal
Bank of Scotland Group, has
surprised the City. Many
observers had assumed that the
Government’s commitment to
free competition would aHow
both bids to proceed.
The decision Is also a victory
for the Bank of England which
has seen the first major chal-
lenge to its “customary author-
ity” over the banking system,
dismissed, albeit with some
reservations about the Bank's
arguments in support of its
case.
In its evidence to the Com-
mission the Bank of England,
for the first time in public,
reveals the strengths of its
reservations about overseas
control of majoc British banka,
Its views may raise eyebrows,
particularly in the U.S. where
several British banks have made
major acquisitions over the last
few years.
After a nine-ana mb investiga-
tion, the Co mpass ion panel,
headed by the 44-year-old Mr
Jeremy Handle, spelt out yes-
terday the reasons why it felt
that the takeover of the Royal
Bank of Scotland Group, the
UK’s fifth largest banking gro*3>.
was against the public interest.
They are as follows:
• The proposed mergers would
have had adverse effects on
career prospects, initiative and
business enterprise in Scotland
which would be damaging to
the UK pcfctic interest;
The transfer of ultimate con-
trol of a significant pert of the
clea ring bask system outside
the UK to the Hongkong Bank
would have had the adverse
effect of opening up possibili-
ties of divergence of interest
which would not otherwise
arise; '
• Neither merger would have
resulted in any substantial con-
tribution to competition in the
UK banking system;
A merger between Royal
Bank and Standard Chartered
would not have been in the
public interest because it
strengthened the latter.
“Standard Chartered does not
have any great need for fiirther
strengthening.’*
To take the first point, the
Commission has put consider-
able weight on the Scottish
questions raised by both bids
and has obviously been heavily
influenced by the strength of
evidence which came from
Scottish institutions ranging
from the Bank of Scotland
through the Scottish Develop-
ment Association to the Scottish
Church.
It was impressed by the
arguments that both bids could
be “seen as part of the process
of economic centralisation
which has. been seriously damag-
ing to Scotland and to some
other regions in the UK.”
It did not underrate the con-
tribution which inward invest-
ment has made to the Scottish
economy through improved
technology, products, manage-
ment and business methods.
ssBMONcrassjoroiiEHaaBaMimsHN
Standard Qartaed Bank liiz&ei
A Report on the Proposed Mergers
The Monopolies Commis-
sion yesterday turned
down two rival bids for
Scotland's premier bank,
headed by Sir Michael
Herries (right): “The
removal of management
and control of the group
from Scotland would be
a serious detriment ” it
sai<L
“But we accept,” says the
report, “that in certain cases
the comparative economic
difficulties of regions such as
Scotland have been eccentuated
by the acquisition of locally
managed and controlled
businesses by companies from
outside, whether elsewhere in
the UK or overseas."
Such acquisitions have con-
sequences for the scope and
scale of local control and
management and it responsive-
ness to local needs. The develop-
ment of a “branch economy"
creates the danger that it will
be Ihe operation in Scotland
that is the first to be dosed or
reduced in hard times, while
the main business elsewhere is
maintained.
Further a local subsidiary
operation, even while it
flourishes, will generally be
responsible for fewer and less
important functions than if it
were a wholly independent con-
cern. Overall direction of the
enterprise is typically moved to
the head office of the acquiring
company, and with it major
decisions in such areas as
corporate and market strategy,
financial policy and labour
relations.
The Commission says it has
been given many examples of
cases where this has -happened
ranging from insurance to motor
manufacture to electronics.
“ A distant management, how-
ever intelligent and unpre-
judiced may not give the same
weight to local concerns as
would a manager who is part
of the local community and has
full responsibility on the spot;
an element of judgment enters
into almost all business
decisions, which are not
generally made on the basis of
cold reason alone.”
" Bright young Scots have
less opportunity to develop their
talents; alternatively they
realise their potential by
emigrating to England or over-
seas.”
The Report says that “an
important factor in Scotland’s
economic difficulties has been
tiie progressive loss of morale
which the taking over of large
companies has caused.
The Commission concluded
that the takeover of the Royal
Bank “may be expected to
accentuate the problems” it had
identified. “The Royal Bank of
Scotland is an important com-
pany in an exceptionally
important and prosperous Scot-
tish industry.”
-The panel concedes that a
large part of the profits arid
business of the group come from
the English subsidiary, Wil-
liams and Glyn’s but “the degree
' of control and management
exercised by the Scots from
Edinburgh, the size of the com-
pany and the importance of it
and. its . industry for Scotland
lead us to condude tiiat re-
moval of manag ement asdT con-
trol of the group, from Sc&tiand
would be a serious detriment.”
The other sensitive area
which the Commission had to
cover was the question of the
Bank of England's role to the;
affair, in particular, its opposi-
tion* to the Hongkong and
Shanghai Bank’s bid which had
been made in the face of the
Governor’s • • “extreme' - -disr
pleasure.”
The Commission says that it
is conscious that some of the
considerations go much wider
than the issues it 1 is normally
required to consider in merger
cases and it has paid “particular
regard” to the views of the
Bank of England.
The Commission’ makes it
dear that it - did not accept
everything the . Bank said and .
felt that some of its arguments.
-were not Wholly persuasive.”
Much was. made by the Bank of
HARD CHOICES FOR ROYAL BANK NOW
THE REJECTION of the
rival bids for the Royal Bank
of Scotland Group may have
serious implications for both
the Hongkong Bank and Stan-
dard Chartered. It also throws
Into confusion the whole tong-
term strategy of Scotland’s
premier bank.
It was Sir Michael Herries,
the chairman of the 255-year-
Old Royal Bank, and his direc-
tors, who first approached
Standard Chartered Bank
about the possibility of a
friendly merger, following
some unwelcome overtures
from Hoyds Bank, the Royal’s
single biggest shareholder,
and tiie smallest of the major
British clearing banks.
The Royal Bank bad been
made uncomfortably aware
that even if Lloyds Bank could
be persuaded not to bid,
other banks might not be so
reticent. The Standard Char-
tered deal, which was put to-
gether with the help of the
Bank of England, was
designed to remove the Royal
Bank’s vulnerability to an un-
welcome takeover and also to
give ft a strong overseas
presence.
The Royal Bank is the
largest bank North of the
Border and has nearly half of
a market which shows few
growth prospects. It admits
that it has an overlarge
branch network which is put-
ting increasing pressure on
its overheads. Meanwhile its
ewe business is being
attacked In Scotland both by
the English clearing banks
and by an aggressive bunch
■ of foreign banks, including
Citibank, Credit Lyonnais and
Chase. On (be other hand,
its English, sister bank, Wil-
liams and Glyn’s (purchased
in 1969) has considerable
growth potential, bnt the
process of continuing the two
banks has already led to
internal tensions.
In a bid to diversify its
earnings base the Royal Bank,
rather belatedly, has been
expanding overseas. It claims
to have more overseas offices
than any other Scottish clear-
ing bank and the biggest
share of the Scottish banks’
eurocurrency business.
However, the Royal Bank
told the Monopolies and
Mergers Commission that
the process of organic
international growth is diffi-
cult Establishment of an
international branch network
on the scale required would
place heavy demands on the
group’s financial and manage-
ment resources
Now that the Government
has blocked its attempt to
merge with Standard Char-
tered, or anyone else in the
short term, the Royal Bank is
fared with the major problem
of recasting its entire corpor-
ate strategy. Not only wifi ft
not have access to an inter-
national network, it has abo
lost effective influence over
Lloyds and Scottish, . the lead-
ing finance house, following a
dawn raid by Lloyds Bank,
the other major shareholder,
tile day after (he Royal's
merger plans with Standard
Chartered were announced.
Sir Michael Herries .told
the Royal Bank’s stormy
annual general meeting in
Edinburgh on Thursday that
the group bad a strategy for
the future development if it
was forced to remain
independent.
ft was based “ primarily on
the acceleration of expansion
programmes which both the
Royal Batik of Scot! and and
Williams and Glyn’s have
already undertaken,” Sir
Michael said.
Although Sir Michael was
questioned closely, on Thurs-
day, about the form any
' alternative strategy would
take in the event of the group
remaining independent, he
would pot be drawn. But it
is clear that the Royal Bank
Group will need to take action
in two areas, and it eonld well
need the help of Lloyds JBanfc. .
• International. Th ^ Govern-
ment's support- for an effec-
1 tive ban on the takeover of a
UK clearing hank means that
the Royal Bank could find it ;
hard, in the .short-term at :
least, to buy a bank in the
U.S., one of the most attrae- ,
tive arena's of international -
bank expansion currently.
However; one possible solu-
tion would be a - deal with
Lloyds Bank and ... Citibank
over’ the future control of
Grindlay’s Bank. .
• Finance House. As a major -
UK bank, the Royal Bank
needs a sizeable finance house,
which can make useiof its' tax
allowances. With Lloyds and-'
Scottish now -firmly in the •
' Lloyds Bank group, the Royal .
Bank needs' to re-establish/
itself hi the finance 1 house . .
market .The most 'obvious
solution would be to bid fbr' 1
Bowmaker, the- old-,
established UK finance com-
pany, which is being sold by. '
Marsh and McLennan.
the fact that its supervision
might- have been less effective 1
if the Hongkong bank had been
■allowed to proceed with ’Its bnt .
“It .-seemed' to however, *'
•that the supervision of the
' group’s domestic -banlung'wiKild - V- '
derive from' /the fact: that. 'the /.
group— or more exactly its com- ■
poaent banking companies—’ .
■ would cantiniie to.be recognised-
banks In’ the UK, ■ notwithstand-/ ; . -7
• jng the "change of ownership.”.
All the : figures available 7 for/
monitoring ratios etc would be
available.” ■ - - : , V . r ' . i
. The Cbmmissian. says/ that -
“ while ; we" should ; hesitate . to V •
■treat Ugtitiy the Bank’-s concern ;\'z
in' these matters, -we have 'found "
. it hard to Convince' ourselves - on .
balance' that these difficulties- !
over supervision would in them-' - ■-
selves engender • unacceptable v
' risks :to depositors with Royal : V ./
Bank Group banks 1 if they were
acquired: 7 by- the Hongkong ’ ; 7,
■Bank” '- - - x - : > / - •>./ -■
However, it -became dear to . :
{be CoHuriiSsaon that the bank /_
'also opposed' .the; Hongkong./ ‘-'i
takeover oh other , grounds. • , -
“Tbe Bahk questioned whether, , ' j? ';
given the key/part played by the : -v
London - and Scottish clearing -
..banks in the ' UK economy, it :-//
. could ever be right to allow con-: ti X .
-trol of any of them to pass , into . .
hands hot- fully committed to /
the UK public interest.” . / r
The Bank argued r that where ■<
control of a clearing b ank passes /
oversees “possibilities of /co
fliet- of interest are inevitably./;//
opened -up; these possibilities
arise irbm the fact that toeVkt
parent company, is /bound /to ' .
respond to the policy require*/*
meats of its own home
meat .and,, more' generally', . to' 'vjSjj
give primacy to its responsible- : /'J
ties to tiie needs and interests //.I
of the ' people of its area.
“In some circumstances these -JT*
requirements may well be. in?_ ••
, ..consistent with enabling a subs? Vih*
diary abroad to be frilly respbh- —
; mve -to tiie authorities/ m/tfeh „
* country in which it operates/: -7
The Commission -V-
is. par tietdariy -/anxious ,
upset the Hong Kong airtoou#/ '/i//
- i3es.-“but we think it can likiofciOflE-** 1 -:'
be gairisayed-toat- toe
of control over a. British
tag bank to a
in almost any, partof toe-
might give riSC oymva- _
.- to • possible ■ divergencies ofi/f-./j
interest.’' -'.S
-The Conmussion says where:.;:- * m
banking is concerned damage v’ - :
can be /tone to confidence not ‘ 7
only by actual events, but by ,
pubjac unease: Sai -face of con- .
imgeridre iAich:do.not in the . .
end occorr. - It„ felt that while
-the possibility might tie - remote :
and is ; unquantifiatge. ' “a ./
specific coriflajet-of interest may. .;;••• .
arise" from the -transfer of con- .. 5
trol.” --,,'.' ^..V' . •/
The- Commission’s riwestiga- / - -
tion into toe ■ rival bids -for/ toe
Royal /Scotland Group . V
has been one : of its. most , com-
plex. tasks in' /its ' 34-yfeaivoId
. history.- Tbe notes of dissent' by .
two 7 of ;jts.- eminent , members, -
Sir Alan NealeZ/and Mi* R: G.
Smetirim^ 7 indicate /that not
everyoiiei-waS igre^ on the two
key issues— toe^lmpact on Scot-
land - and the problems raised
by an overseas takeover of a
UK clearing bank, V,/ .
Ifi tht table, boa tied • "Commission
rates ; overseas " in last Saturday's
article, the column treaded £10.000
■bargain actually referred' to deals - of- ■
£30.000/ .
Letters to the Editor
Success
From the Director General
Institute of Marketing
Sir,— I cannot accept Mr
East’s assertion (January 8) that
I should have suppressed toe
findings of toe Institute's Survey
on toe experience of British
companies when buying from
British suppliers. The reason
for ‘undertaking toe project was
to discover toe extent of any
problems relating to delivery,
quality, etc, and, in particular,
to explore possible rotations. I
■would hope tout as a result of
the publication of the survey
some companies will take posi-
tive action — they might start
by looking critically at their
marketing mid sales operations.
I do agree with Mr East that
we should take every oppor-
■Hww ty fla publicise our successes.
The survey to which I have re-
ferred prai s ed certain sectors of
industry for their record of good
service to customers and British
companies were rated highest
for producing quaffity products,
Recentiy, I have visited a
number of companies of aH
types throughout toe country
and I have found management
to be much more professional
and dynamic than they were
when I undertook a similar fact-
finding : tour three years ago. I -
believe they have achieved tins
remarkable improvement by
adopting a constructive market-
tag approach to USovax problems
and opportunities. This is toe
“new realism ” to Which the
Prime Hamster has referred and
it cannot be achieved by adopt-
ing an ostrich-Qke refusal to
face up to any toortcomtags we
may have.
Peter B. Blood.
Moor Hfllf,
Cookhtun.
Maidenhead, Berks.
filed before the end of Novem-
ber but we have only just
received an advice of repay-
ment dated January 4. The gap
for the repayment arising from
the five month period pre-
viously was even longer. Just
how many people belong to the
“ under 10% " dub?
Giles Chichester.
9 , St. James’s Place, J5WL
VAT
'From Mr G. Cfcf cheater
Sir,— I would like to add a
comment to the remarks of the
eh airman of U-M- Customs and
Excise published on January 9.
We are on a monthly return
bams. Our October return was
Subsidies
From Mr J. Hodgson
Sir, — Sir Peter Masefield,
chairman of London Transport
(January 11) advocates a £1
subsidy for every £1 of turn-
over.
In my reckoning, this is the
same as offering a salesman
100 per cent commission on
turnover, which makes turnover
the god. regardless of cost, as
any employer will confirm.
Later in tiie same paragraph,
however, he says this “would
embrace a healthy incentive to
keep costs down."
Since by writing to you Sir
Peter seems to be inviting pub-
lic debate, perhaps he would
elucidate.
J. H. Hodgson
8, Medina Terrace, Hone,
East Sussex.
Commission
From Mr D. Burgoyne,
Sir,— I should imagine that
most small investors like my-
self with only a few thousand
pounds invested in ordinary
shares would deal In bargains
of £500 in order to allow
sufficient diversification in
their portfolios. The danger of
having “ too many eggs in one
basket " is probably greater
now than ever before, as the
recession takes, its toll of more
companies. The stock market
is more volatile now than in
the old days. In the many
years that I have been in and
out of ordinary shares I now
find it more difficult to read tiie
market than hitherto. . I’ve
noticed that tiie so-called
“experts” are also having
difficulty in getting it right
these days.
The proposed new minimum
rate of £10 would represent an
Increase of 35-1 per cent on a
£500 bargain against an overall
increase in brokerage income
of 7.3 per cent. The small
investor must offset this
increase either by bigger deals
and less diversification or wait-
ing longer for a larger increase
in the share price to cover costs
and yield a reasonable profit.
This will lead to less business
for stockbrokers and at the end
of the day the new charges may
well prove counterproductive
bearing in .mind that small
bargains make up 58 per cent
of all daily transactions.
David A. Burgoyne.
Tudor Lodge,
Winston Gardena,
Boston. Lines.
Stockbrokers
From Mr A. MarteiL
Sir, — Your article on Stock
Exchange commissions (January
9) was, micharacteristically,
lacking in balance. This was
due to misplaced emphasis and
an unfortunate mockery of tone.
The Stock Market is indeed
tiie bastion of capitalism, not;
as implied, as protector of
oligarchy and privilege bnt as
promoter and defender of tiie
market econ o my which most of
your readers support.
Not only does the “ average "
for partners’ remuneration,
ignore the fluctuations in profits
of member firms — and stock-
brokers, unlike farmers, are
allowed no tax relief in respect
of fluctuating profits— but it
also disregards tiie very wide
spread of broking concerns,
from^the prestige City firms to
small provincial partnerships,
whose figures form the mean.
The chart showed tills particu-
lar distortion but tiie article
did not mention it
Over a period when the
Thatcher Gover nm ent has been
in thrall to toe findings of the
Clegg Commission, dentists,
doctors and cMl servants have
all had major pay awards. Soli-
citors, accountants and bankers
have been able to pass on
higher charges to their clients
while retaining their share —
sometimes with little effort —
of agents’ commissions on busi-
ness introduced to brokers.
Brokers' commission rates, have
stood still. H brokers
have earned more in recent
years it is by dint of their own
integrity, hard work and skill,
in increasing the volume of
transactions.
Provincial brokers have great
value not only because they
provide an effective personal
service to private investors in
particular locations who may not
easfly be able to get to London
but also because they have a
close and detailed knowledge of
the companies in their area.
Many institutions fully recog-
nise the value of the informa-
tion and judgment of country
broking firms. Country brokers*
remuneration is. however,
nowhere near that of partners
in large London firms.
One can only conclude that
the biter Should be bit. Is it
faintly possible that financial
editors may be “overpaid, under-
worked. and perhaps just a little
bit ‘fly 1 ?”
Andrew MarteH.
Shotley HoR,
Shotley Bridge. Co Durham.
Unions
From the Assistant Secretary,
Banking Insurance and Finance
Union
Sir, — I was interested to
learn that a “ new inter-union
clash is brewing in the hard-
fought campaign to represent
insurance workers '* as men-
tioned in Brian Groom's article,
“ASTMS accuses rival of un-
fairly recruiting'insurance wor-
kers ” .(January 4).
This union’s recruitment
policy cannot possibly be de-
scribed as unfair unless the
exercise of democratic rights of
individuals is considered to be
unfair when as insurance em-
ployees they choose to join.
This includes the fullest pos-
sible consultation at all levels
of representation within a staff
body, not least with the indi-
vidual members, so that all con-
cerned can be sure that they
know what kind of union BIFU
is and what its policies are in
respect of industrial action,
party political involvements,
nationalisation of the finance
sector as well as in respect of
the crucial issues of terms and
conditions of employment. We
then insist on a secret and in-
dependent ballot of the staff
concerned even where the pro-
visions of the Trade Union
(A m alga m ations, etc) Act 1964
do not apply.
The major ballots in Guardian
Royal Exchange, Phoenix, and
Eagle Star all produced absolute
majorities of all the members
(not just those voting) in those
staff associations. This is some
testimony to the serious effort
BIFU takes to expose itself and
its policies to staff who view
involvement in a TUC affiliated
union as a new departure and
with some initial concern.
Consequently, the implication
of Brian Groom's article that
either ourselves or the Associa-
tion of Scientific, Technological
and Managerial Staff can carve
out spheres of interest among
insurance staff, from which one
or the other union would be ex-
cluded, runs quite counter to
the basic consideration, and our
philosophy, that it is the staffs
themselves who must be free to
make their decision. This way,
we believe, makes for effective
staff representation and the
retention and increasing in-
volvement of new members in
our union once they have
chosen to join.
The union has received and
continues to receive many
approaches from employees in
insurances companies, as well
as others, seeking to Improve
their consultative mid negotiat-
ing position with their em-
ployers. I imagine that some
approaches are also made to
ASTMS. But I do not imagine
that this «an be construed as a
“hard-fought campaign to repre-
sent insurance workers," either
by ourselves or ASTMS, with
whom we continue to maintain
friendly contact both at the offi-
cial and unofficial level. Many
potential trade union members
in: the finance industry would
view with alarm any prospect
of any inter-union clash and in-
deed the prospect of such a
dash certainly does not accord
with BUTTS declared polices, its
wishes, or its intentions.
John Forde,
BIFU
Sheffield House, 17, Hillside,
Wimbledon, SW19.
Credit
From Mr 1. Headman
Sir, — The divisional general
manager of Barclaycard (Janu-
ary g) tells us that the cost of
servicing the credit card system
is in excess of 24 per dent of
the value of tiie average trans-
action. in a sane world the
user of the card would be
expected to pay this service
charge and to decide for hint'
self whether, in a given circum-
stance, it is a cost effective way
of making his -payment.
For what compelling reason
then has tiie Government
decided to override . normal
market forces by failing to act,
in defiance of the Monopolies
Commission, against restrictive
clauses in franchise agreements
which require consumers in
general, rather than users, to
bear the cost of the system. By
either its benign neglect or its
sheer inability to comprehend
simple economic logic, the
Government . has potentially
added 24 per cent to the cost
of living, as. the nation
increasingly exercises its right
to settle its debts by this
apparently free money transfer
system.
Most ironically, one of the
reasons given by -Mr Nicholas
for not being able to reduce Ms
costa is the ever, rising expense
of writing-off debts incurred by
toe fraudulent use at credit
cards.
Ian W. Roadman,, .
Coro DaUy 'Restaurant^
Great BardfiOd, ; /
Brainfree, Essex
'a.-.*. i. ■■■■■’ ••:•■'...■
• *VV 1„ : ■-:■> iV :■ e- •••'-' -V- - ; '.; ,T : '
; v * -:: •• ■-■
/’■ ;:T<" ,-.■ ' > y»v* V-V . • T ."'
<:fV -
161982
pes, Arthur Sandies looks at the resulting retail boom and Michael Thompson-Noel, right, assesses the impact on sport
these clouds have a silver lining
va*
■-V. v * ^ oxnjps^
>„■ ^ • Hi^ a siwer » lining- ' FQ
has been shrouded-
■ r 7 , '«j?k and 'there , 4ai®' feeg
i. : r \ iew; signs .of
week of wintry' a.
nonetheless be4'p«
. '3si .;•* »■ few winner^' ..r .
v* r -cii;-^7 -Whig Tfife
1 * r -!:o . V !t Re told amf ifrRg!
r> *. : t “t rA' traffic ■ digfc:
V of-the
■Wv c! ^ roakers arrf.
* *ijA‘ thing" ftoxm?
"' v ‘ eijT 5 *' Boots, anti-f^
have: beep
Af f _ boom ju hi"
^'hasr
itoind 7
in :
^ jin'- 'the
* ' so the
every--
.Moon
yaters;!
fr.Pi^jjaajor .
If-
£)• The biewiSe'Aae' been par^ .
**«:?? ticul arty BoOd’bews for Britain’s
> %i vA salt •minK^^srartfr'^ir mild
■'...■ ir *tc 5,^?' ''Vihlejra hatt^W&s'ICrs'.mihe in
- ^ Cheshire;. .‘w««Miap1e. - Wiib'
.. P^ucUoD'fttSSOSWO.tonB a week '
r . :, '‘ ,Jk *r y r Cl »«. and . stiK*ai“ifeflf Tip.-to- 500,000 '
^ tons. THere-wasaitotber 3in tons
' " r ' '■ ini ' hanging 'j Expand _ In '. . local '
“■ : ^ L ;V authorfly -i-jah3At:Now' local
~ V‘ a u th ort ty atocfcs^are diininishmg -
““ ' fast, the ; It^v-miners are 'on
overtime 'and the mine is up to'
Special notice
■ 1H T !J R II p Y -H 7 n ■ J w N u fi R Y i a^' ;
DUE TO. HDYERSE WEATHER
r - , - i N Dili 0 H S T H R O IJ GROUT THE ' . ’ ■
REGION THE NORMAL fiDOER'T'I SEC
E F: ICE F R OH' T H I S’ S T R7 I 0 R ’ .
RhS =:££ h . s IJ S F ENDED ' 0 N T. I ii.
r U R T HER NO T I CE ,
c Y n R V EFr 0 rj t S B£ I N G H ABE
TO MAIN: THIN A S FECIAL
S ERG ICE. ' ‘ •'
passengers FOR HLL
I' E S T I H H T I U H s H F: E A D U I SEE ' ' T 0 :-y
LISTS N FOR HNM O i J i -i C EM'E'HT S • ■ p N ii
C 0 H SULT THE I H D I CRT OR S ' ' • . ‘
H Ii J H C E N T 7 0 T H I S . N Q T 1 C E . V
■ ' <..Kv,
vS5i
- 1 -.7*1'
aitrarttve accoiniwdatioo he mand on the Central Electricity The ace had not just brought
endiheSH^aiSo^^cSfi ®fht iav * London Genemiag Board' has. hit down the 'Pines it ted broken
hotels genesaily. . thanks ip 41.5 Mw (megawatts) but is the arms off the towers. Our
both weather -and rail strike, still rfiort of the record so far people are oil there
BwS&m?
good mdtket "- ' says* icr In - that they are hot alone. December 10.
laconically.: H The purveyors, of warm foot- “lnduslrj’ was working hard
But' yduRdo 'not "have to- be w ear are chortHng over the low in the run up to Christmas,
selling ‘glycol- 'or ’salt to' be teiiiperatujres. Alpine Sports, says the CEL’B. “Now we cai
enjoying Britain's cold January. b . ra nches. from- Edinburgh se
Hilton Thternationa? hie !? Brighton is feeding Moon It
cun
see the effects of the recession.
going again.
And while the CELB is put-
ting arms hack on its pylons,
so others are faced with more
enticing difficulties. "We are
nearly sold out of woollen
Hilton 'international has stink 10 ^©non is feeding Moon It takes longer arid' loiter for gloves, and there is quite a
eonaftrable "funds into the de-“ -Boots' to ••outlets as fast as it the demand to build up on rush on thermal underwear.
'develtHjmdnt df the Gatwirb P** 1 -. ‘-°n one day we sold 500 Mondays and things are closing cries .Burton group.
Hilton which opens offieiaiiv P“« - to ‘ customers at one down earlier on Fridays.’ 1 For The moving of gloves from
on Tuesday and mTebt normaliv branch .* ail one." says Alpine, the moment, therefore, the factory to customer mayseem
* - - “ “And . we had 100 people on Board is a long way from its a minor problem compared with
for the theoretical peak capacity of a that facing the car rental com-
tittle over 57, COO Mw. But still panics who now have queues
there is not much talk about a wailing for vehicles. Bad
profit windfall. weather and the rail strike have
As demand rises so the Board driven corporate and individual
has to bring in more and consumers tq - look to personal
more inefficient generating transport., This is the time of
units. At the same time bad year when raosi rental cora-
weaiher causes production and panies are running down last
• ? u£7o '^sssr^aSss ■ t j° js
demand' for - fan heaters ‘and
• find a toom.
L- - - wm' ••■ qemana ' nr ran
electric blankets.-
covered walkway to tiie Fpr tfae moment at least the
■■■-.a:”-.-- j£3S- been power is there to supply this distribution- crises. “We lost an year’s stock and buying new
' v- * ere aev ^y acquired equipment So entire 2,00f) Mw station fn Pern- equipment for their fleets. Now
.•.-••^y nanaea out. If Mr Strand seeks far the highest New Year de- broke because of the weather, they face the problem of
•iK* •_
ftE.
f li
T •
• > 7*. ‘ ;
-7 : V
- r /
,. <= s.L
•*?
whether to go for a sudden rise
in capacity and risk the return
of good weather and rail labour
peace. For one alone. Swan
National, it is a decision involv-
ing between £2m and £3m capi-
tal investment.
Bin the greatest pleasure
has been brought to
the manufacturers of lhose
small appliances which actually
keep us warm. "Fan heater sales
are up by 250 per cent on last
year.” says Philips. "Industrial
heaters, where office and pro-
duction workers have com-
plained about the cold, are also
up by 250 per cent.” There was
a note of near disappointment
at the news that electric blan-
ket safes were only up by 15U
per cent. Perhaps, as with the
famous results of the New York
blackout, in nine months time
we will discover how the British
are keeping themselves warm at
night without the aid of elec-
tric blankets.
Sport catches
a very
severe chill
THE great freeze-up has taken
a devastating toll of British
sport, with . postponements,
and cash flow problems piling
up.
The financial hardship
caused by the freeze varies
markedly from sport to sport,
though, as usual, the severest
pressure of all has been
imposed on the creaking
edifice of professional soccer*
many or whose member clnbs
are now in even greater dis-
array than they were before
the ‘snows came.
Until last night, the English
Football League said yester-
day. the number of postponed
g?mes in England stood at
230, for all regions, though
some of them were due to
fixture congestion.
Of the total. 175 were
attributed l»y the League to
bad weather, though the total
will be further swollen today,
when the freeze cuts a further
swathe.
Racing, both of the cqnine
and greybonnd kind, has been
hit. and so have Rugby Union
and Rugby League, though to
varying degrees. Today's
abandoned racing card at
Ascot, for example, has been
transferred to February 24.
as part of a Horserace Belting
Levy Board package under
which it has already agreed
to finance 30 replacement
fixtures at the end of the
National Hunt season.
Horse racing has already
lost 72 fixtures this winter
(virtually twice the normal
rate), though the Levy Board
move will go part of the way
to ease the pain of lost income
to tracks, trainers, owtaers and
stable lads. - ■
Soccer is straggling- an “;
faces so much fixture conges-
tion at the end of the season
as to make the strongest
manager weep. .
The clubs’ worst problem is
lack of income to cover heavy
fixed eosts, notably player^
salaries and hank interest. A
minimum of six clubs in tbe
lower reaches of the English
League,, including Tranmere
and Halifax, faced acute
problems even before the
freeze, and the number is
mounting. Many einbs have
not played at home Tor seven
weeks.
Over Christinas alone, lost
gate money is estimated at
£lm. In tbe Tour weeks to
January 9, attendances at
League games were 637,000,
against 2.1m for tbe same
period last year, and the
losses are rising.
Some of this lost revenue
will find its way back when
fixtures are rearranged, but
clubs are worried that with
so many postponements
around their necks, supporters
will be unable to afford to
attend as many games as they
would Have if spread over the
normal period.
The sport’s structure is not
about to eollapse. but taken
as a whole, .the English
League still- shows chronic
losses and weak balance
sheets. The First Division is
tolerably sound, but the lower
echelons are unable to live
within their means, which are
in any case slender. •
However, the eiubs’ sw'ollen
overdrafts are not as alarming
as sometimes made to sound.
In some eases, the clubs*
equity capital is dispropor-
tionately small in relation to
asset value, so that overdrafts
often represent a means of
raising working capital with-
out diluting the equity share-
holders* control.
Nevertheless, the clubs
have shown a poor and declin-
ing' profits record since the
mid-1950s, and the banks
(though obviously reluctant
to foreclose on loans) have
been pressing for better dub
management and cost control.
The only bright spot in the
English Football League is
Queen’s Park Rangers, which
is now enjoying to th e full its
controversial, artificial, all-
weather Omniturf pitch.
QPR has not lost a single
home game at its South
Africa Road ground, in west
London. Quite the reverse:
attendances this season are
23 per cent up. at an average
of 13.400, while for its recent
match against Chelsea (which
has lost three home fixtures
to date), the attendance was
22,000. against an anticipated
16.000-17.000.
Captain Nicholas Beaumont,
elerk-of-the-conrse at Aseot
racecourse, describes the
weather as a “ disaster for the
whole industry.” Although
today's snowed -off fixture has
been transferred to Wednes-
day February 24, he says
transferred fixtures are never
well attended.
To January 9. horse racing
had lost 57 fixtures involving
prize money totalling
£725.950. With the total now
at 72, losses will be consider-
able. despite the Levy Board
agreeing to finance replace-
ments.
Leading Rugby Union dnbs
are reported to be losing np
to £1.000 per postponed
match, and greyhound racing
has been hit, though the Im-
pact of the freeze has varied
from area to area.
In partial consolation, the
great sporting public has
been obliged to turn to darts,
with the Embassy World
Professional Championships
- in Stoke progressing smoothly
on its beer-and-sequined way.
Weekend
Brief
7. *
A.
Palm E
Beach? ; R
Next time J on . old fihn on
television' fades Lite last reel'
with pictures of swaying palms,
in tropical settings; pay special,
attention; Soch ^cene^ are grow-
ing rarer. . For those of us in
xisuaBy ' ib ore • temperate clim-
ates: the ; fare r of the tropical
palm may seem purely academic
but. for the resort areas in-
verfved. :h. is serious^ .The UjS.
Press has been .driven to tales
of bow the patois of the -Florida
Glyn Genin
• Florida palms may become telegraph poles
-It moved into Florida, long mercially ■ grown palms of the common tropical palm will
ego. but there is a sifiideti burst Malaysia are almost immune. soon be limited to specimens
of excitement over the fact that For the fast moving resort in Kew - Gardens and to
it . has how moved' to Palm area this means that the tourist isolated islands in the South
beachis themselves are how Beach which, say the headlines, may not notice much change at Seas,
being gradually killed, * - .ihay be in danger of losing its alL . Palms are rapid developers Meanwhile visitors to affected
The brbWem is Mycoplasma L r and, as tress are blq:h led. so it areas can spot the gradual
■which-: "doing wthe palm In feet the 'disease is highly is possible to replace them with invasion of the disease bv the
trees of the tropics' what Dutch selective, choosing as its victim resistant >arieti:-s. tell-tale yellowing of leaves and.
Elm Disease -did' to the- Euro- the tall coconut palxn which lias From Montego Bay t o St where things have got out of
pean urban’ scene In the sixties always been the commercial Croix the impact of the blight - hand, by the rows of completely
and. seventies. The disease is, base of the Caribbean coconut is obvious. Spraying is usually leafless trees. Tbe planting of
slow moving biri- devastating. It industry. t Blit the Royal Palms, quite effective in keeping down coconut plantations means that
was first spotted in lie southern much beloved of hoteliers— they the blight problem, but the the arrival of the blight leaves
Caribbean 'shout 80 years ago, • gr.ow TaBer and look better, but rewards in coconut harvesting row after row of these woody
turning tall trees .into telegraph also fruit less so dp not drop are not sufficient These days to skeletons
poles;-sihce Then at has proved so. many nuts out he. -heads of justify an extensive preventive So buy now. those postcards
unstoppable. " - 1 - visitors— and the smaller com- programme. It could be that may never be the same again.
jo m
Made-to-
measure
brollies
One of- Harry Davis’s commit-
ments -in hie- is .to..- ensure that
members of one of London’s
oldest L and most . prestigious
insurance- -rVonspaaies are
properly covered ^against incle-
ment weather.' ' ’ fie makes
regular ^visits "to: : tbe : . august
establisbmehf to collect any
memhfersLum brellas that are in
need . of ; repair. . i ’ V :
Mr Ddvis -‘makes : umbrellas.
which was x^rthinly * * good
trade to he-in iast stammer." In
fact, he is-i^e.'Qf a small band,
of true, umbrella makers still
Jeff in Britain: E
.Apart from -the frames — fold-
ing ones fsom ' West Germany
and traditional ones from the
old-established . firm . of \ Fox
Umbrella frames of Sheffield —
all the rest really is put together
by hand:- The business. B. Davis
and Son; .in Battersea'® North-
cote. Road, near Cfaphara Junc-
tion. wag formed by Harry
Davis's father . . over ‘ 70 years
ago- ; ’ : •. ‘ ; ' 7 " r !'• ' F
In the; early; days, ho- gentle-
man would, be. without his own
individually fafioretf^ gamp ” as
a mark 1 of individuality and
status.. Today, in tins' age of
mass produced arid', disposable
items (or the ; 1:5m quality
frames Fox; makes each year
another 10m /.cheap umbrellas
are imported) .tenant is par-,
ticularly strong, and rising, for
the bespoke -brolly.. • -L
What suiprisesLMr. Davis is
that a. very, high proportion .of
his customers are ypopg men
and women, a fact he attributes
to the revival of interest in all
thing s Victorian. The mnbreljas
he : makes are -firmly based; .on
those :in vogue around the turn
of the century. . His one . con-
cession to .the present is. a
choice of quaHty. nylon-
materials for toe covers— ^al-
&
though pure silk can be. used if
requested.
As a craftsman, be hand-
stitches the leather-covered
handles himself. Although some
has made are kept in stock,
e customer can visit his shop
and choose from a wide selec-
tion of skins. Much of his
business involves putting old
handles supplied by the custo-
mer on to new umbrellas.
Many exotie handles, some
made of ivory or tortoiseshell
with gold or silver fittings,
arrive through his portals from
umbrellas that are past redemp-
tion. ’
Like a well-tailored pair of
trousers. Mr.- Davis’s umbrellas
are made to fit the customer.
The tallest he has coped with
so far. has been a 6 fl 7 ins
medic. The smallest, a circus-
dwarf of practically, no height
at alL
Apart from umbrellas, custo-
mers bring in tired and broken
walking sticks, also with exotic
tops, for surgery. Any visit to
an auction room ' today will
confirm thait antique walking
slides are big business. Harry
Davis' estimates that a new
hand-carved • ivory top for a
stick or umbrella would cost in
the region of a three-figure sum
today if the craftsman could be
found to do it-
For the customer with a good
top of his own, Davis will hand-
turn a stick from a selection of
woods and then apply between
14 and 16 coats of French polish
— each coat rubbed down by
hand before appficaticin of the
next.
This job is not for anyone in
a burry. The varnish must
harden before the next applica-
tion. and the process will take
between two and three months
to complete. Harry Davis is not
likely to become rich.
His prices, too, are old-
fashioned. At around £8-£l2 for
a new walking stick and some
£20 for a new umbrella with a
hand-stitched leather top and
18 carat gold plated fittings.
When questioned, he says “'do
* hand-made ■ people ever make
a fortune?”
Happiness
is
a
non-commuter
"CLOSEv. down British Ttsil
altogether,^ !, said to a friend.
‘‘ Let Bay Buckton * have his;
wav. I’m enjoying London.” -
rm- sorry (truly) for all of
you who bave struggled into
London bj’/carLmbe or' on foot
in .the last -tew days,.-
I know ;ifs onfrupananship.
but because of -the -rffll strike
. and the Tact .thirt I live 35 miles
outside London. 1 have been,
staying iar a rather pleasant;
tendon hotel: —
Unfortunately; on the . first
night of the strike I . was
ensconsed oh (he fourth.. floor
bads oi this hotel" and missed
all the fun . and games <m the
first floor.
“Did yon hear’ those gjrls
squealing in the corridor? ”
said another temporary guest
■ (There are rather: a " lot of us
staying in The hotel.) No, I
didn’t Trust nie to inis out;
.A friend, who lives in SbepL
herds Bush, phoned his wife
. who organised a splendid cas-
serole. After their excellent
■hospitality and trip back to my
hotel by minicab I couldn’t
face breakfast in toe morning.:
■ I thought I had better ’pfcone
bathe. . '
•. "Are you /missing us?” said
daughter. T-V
-Nor I said, ?Tm going to
a party.**
- R seems to ane toat there
have been a lot of very happy
people in London this week.
Off the leash, I suppose, not
faced with that dreadful hour’s
journey, sardine-like on South-
:era or Eastern. .
j made a few telephone calls:
t*'
' Obviously, most hotels were
fully booked. Would you believe
■. that despite the weather and
the transport problems there
are still tourists in London?
In any hotel a rather attrac-
tive French lady was complam-
ing that.her croissants were not
-hot and her boiled egg was too
-hard.
“Why don’t you have bacon?”
I said rather sourly across my
morning paper. (I had been to
toat party).
• “What -is bacon?" she asked.
"Pig;” 1 : said. “ coctuvi
1 asked 'the City of London
Police what they thought of the
1 strike:
“ We’ve had to put a few
people up in our section house
jiist north of the Barbican,”
said a spokesman. “Commuters
■ who' couldn’t get home ? ” I
queried. “ Oh no ; " he said, 4 our
own officers.”
The Dorchester was its usual
kind genteel self.
"What’s, happening in the rail
strike ? ” I asked.
“We’ve got this honeymoon
couple slaying with us,” said
the Press Office. “They got
married in South Wales in their
wellies. They found two wit-
nesses for the ceremony but
because, of the weather none of
the guests tunied up at the
reception. 1 don't know how
they got to London but we've
given them a special room-rate
and champagne and flowers, of
course-.”
■ Two nights in London, so I
phoned the family again.
41 Arq you missing us ?” they
said.
” No,” I answered, " I'm going
to the theatre.”
Contributors:
Arthur Sandies
Ian Dunning
Max Commander
TODAY: Mr Kenneth Baker.
Minister of State for Industry,
starts three-day visit to Delhi. -
TOMORROW: Department for
National Savings’ monthly pro-
gress report for December.
Asief one- day rail strike
planned. Presidential election
in Finland.
MONDAY: EEC agricultural
council meeting in Brussels (to
19). European Parliament starts
five-day session m Strasbourg,
including the election of a new
president. Centra] Statistical
Office publishes industrial and
commercial companies appropria-
tion account, financial surplus/
Economic Diary
deficit and net borrowing
requirement for third-quarter,
provisional November index of
industrial production. pro-
visional December retail
sales figures. Parliament
resumes. Bilateral talks resume
in Paris with Soviet Union on
natural gas project: Industrial
action planned by Tyneside
lorrv drivers over pay claim.
TUESDAY: Two-day meeting of
COCOM opens in Paris. Mrs
Shirley Williams of the SDP
speaks about the Scarman report
at Lambeth Town Hall. House
of Commons gives second read-
ing to Oil and Gas < Enterprise)
Bill. New Billingsgate fish
market opens in London. Which
Computer? show at NEC.
Birmingham (until January 22).
WEDNESDAY: Indices of
average earnings for November.
New construction orders for
November and indices of basic
rates of wages for December.
U.S.. GNP for fourth quarter.
Start of two-day FT Conference
“World Coal - Markets" at
Intercontinental Hotel, London
Wl. Two-day train drivers strike
planned. International Hotel
and Catering Exhibition opens at
Olympia (to January 27).
THURSDAY: Institutional invest-
ment figures for third-quarter.
First preliminary estimate of
consumers' expenditure for
fourth quarter. Cyclical indica-
tors for the UK economy for
December. Start of two-day
Economist conference titled
"Europe and Japan — competi-
tion, collaboration or confronta-
tion in the l&SOs? ” at Europa
Hotel, London Wl.
mCWTAX exempt investment
OPPORTUNITY FDR THE
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*TTie Personal Retirement investment Plan is an investment linked pensions contract issued by Scottish
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Financial Times
Companies and Markets
UK COMPANY NEWS
Laurence Scott’s bankers to get tougher
BANKERS to Laurence Scott, the
loss-making rotating motors com-
pany acquired by Mining Supplies
for £fl.2m in October 1980 have
tightened the conditions or their
continued support.
In a letter to the holders of
Scott's 53 per cent debenture
stock 1985-90, Scott has .explained
that the four clearing bankers
to the company are to he given
a second fixed charge over all
the immovable property and
certain other assets, including
Scott's Electromotors and PPD
Engineering subsidiaries.
Given stockholders approval at
an extraordinary meeting on
February 9. the coupon on Lhe
stock will be raised to 6 per cent.
The trust deed is to be
modified, under the group's pro-
posals. so that stockholders will
have a first' fixed charge over all
the' freehold and leasehold
property of Laurence Scott ana
the assets of the two subsidiaries.
They will retain their first
floating charge over ail the
remaining property and assets
while the banks* retain a like
second floating charge.
In August last year. Mining
Supplies revealed that Laurence
Scott’s losses had escalated since
acquisition, growing to £1.9m in
the five month period to May that
year. Its effect was to bring MS
down to break-even in the second
half of that financial year, and
its pre-tax profits as a whole fell
-from £3131m to £2.38m.
MS. however, has consistently
isolated Scott's finances from
those of the main company and
in August Scott's £10m overdraft
was some £2m less than the
facility agreed with the banks.
Henry Wigfall £1.81m in the red
AN EARLIER decision by Henry
Wigfall and Son to finance credit
business from external sources,
helped cause the pre-tax result
for the 2S weeks 10 October 10
1981 to fall from profits of
£63,000 to losses of £1.8lm. Turn-
over slipped from £22.3m to
£21. 63m.
Accordingly, the directors of
this Sheffield based group in-
volved in the sale and rental of
television sets, other electrical
equipment and furniture and
fashion wear, have again decided
not to declare an interim
dividend — last year a final of
6p net per 25p share was paid.
Also they have taken action
to reverse the adverse effects of
the external financing for credit
business. The original decision
for this type of finance was
taken to relieve the company s
borrowings.
Mr L. G. Hazzard. the chair-
man, says that strenuous efforts
are being made to contain
expenses, to increase efficiency
and to improve the general
level of trade. However, he
says there are many pressures
bearing upon- the group, “ not
least of which are rents and
rates,” and it will take some time
to stabilise the business and
then return to an acceptable
level of profitability.
Nevertheless he says the
directors are confident that lhe
task can be accomplished in
reasonable time and hope to be
able to report some progress by
the year end.
The losses were struck after
interest charges - of £l.lSm
(£i.49m) and depreciation of
£3.41m (£3.07m). There was no
tax charge (same).
• comment
Henrv WigfaH is tom between
the need to reduce borrowings
and the need to build up its
Video Cassette business. Gearing
is already at about 100 per cent,'
but the balance sheet. is under
additional pressure from the need
to finance market share of the
video boom. Sale and leaseback
of assets is being “considered.'’
The 1980 attempt to reduce
borrowings by selling off the HP
business impacted on trading
profit, and The .company has
sought to rectify the situation by
forming a joint company with the
finance company concerned.
Stoddard suffers £0.78m losses midway
TAXABLE LOSSES of Stoddard
Holdings, the Renfrewshire-
based manufacturer of
Axminster. Wilton and bonded
carpels which merged with the
Scottish carpet interests of the
Guthrie Corporation in January
1981. were £7S2.000 for the six
months to September 30 19S1 on
turnover exclusive of VAT of
£17B3m.
This compares with losses of
£l.S7m for the previous 10
months to March 31 1981
incurred on sales of £22.82m.
The' interim dividend is again
being missed — the groups last
distribution was made in 1979.
Losses per 25p. share are given
as 5.9p (2.6p).
Sir Robert Maclean, chairman,
says that the potential heneflts
of the merger with, the Guthrie
interests are real, hut are taking
longer than anticipated to
realise.
He says the keynote of the
present conditions is that busi-
ness can be got — but at a price
— and until the surplus capacity
in the industry is shaken out.
both trading margins and the
numbers employed must remain
under strong competative
pressure.
To meet these challenges and
pressures, the directors have
decided to cease production of
woven carpets at Eskbank and
transfer the order load to the
group's Elderslie milL The run-
ning down and closure costs over
the next few months are esti-
mated to be £900.000 and will be
shown as an extraordinary item
in the year-end accounts.
Although costly, the long-term
benefits of this action will more
than compensate for this, and the
directors are of the opinion that
the group will move into profit
during the next financial year.
Sir Robert says.
The present order pattern is
broadly 50 per cent Axminster
and Wilton and 50 - per cent
bonded and tufted carpets. This
fits well into the group's produc-
tive capacity as now planned, and
more than half of the yarns used
are spun and dyed in the group’s
own mills, he adds.
The directors say that due to
the merger and the change in the
financial year end, comparisons
for the similar period last year
are not relevant. The compari-
sons given for the 10 months
incorporate six months before
the merger and four months
after it.
The taxable losses were struck
after interest charges of £314,000
l £626,000) and there was no tax
charge (£1.61m credit).
• comment
Following the collapse of BMK
and Horn fray towards the end of
last year there were those in
the City who were casting a
cautious eye towards Stoddard.
The “ potential " of the Stod-
dard get-together with Guthrie's
Templeton may still be “real”
but clearly the benefits from the
merger are taking a lot longer
than anticipated to came through.
But for Templeton. Stoddard's
losses would he nowhere near
as great, it might even have kept
in the black. Yet the market
as a whole has been vicious.
NEW LIFE BUSINESS
Dull figures from home service companies
NEW LIFE business figures have
generally been buoyant for 1981.
But one dull market has been
among the - home service com-
panies which deal direct with the
public. The results from many of
these companies contrast with
results of life companies dealing
through insurance intermediaries.
Britannic .Assurance reports
total new annual premiums
slightly lower on the year at
£25.Sm, against £25.9ra in 1980,
though single premiums
improved from £259,000 to
£364,000. This decline in annual
premiums occurred in both
branches with those in the
ordinary branch falling from
£4.56m to £4.45m and in the
industrial branch from £2 1.35m
to £21.34m. However, the new
sums assured in both branches
climbed from £434m to £523m.
Refuge Assurance saw annual
premiums in its ordinary branch
slip nearly 10 per cent from
£4.l3m to n.74m and single
premiums in this branch by 23
per cent from £49S,000 to
£370,000. Premiums in the
industrial branch, gross of life
assurance relief rose marginally
from 111.08m to £11. 69m. The
company's venture into the unit-
linked market started in April
of last year, brought in £2.03m
of single premiums.
The Co-operative Insurance
Society, one of the larger home
service companies. . saw total
premiums rise marginally from
£44m to £44.1 m. It does not pro-
vide separate figures for ordinary
and industrial business.
Royal London Mutual Insur-
ance Society managed to increase
its new life business boosted by
its entry into the unit-linked
field. New annual premiums in
the ordinary branch rose over 7
per cent from £5.64m to £6.07in.
while single premiums were
£1.1 1m. against £224,000.
Annual premiums also im-
proved slightly in the Industrial
Branch rising nearly 2 per cent
from £7. 4m to £7.53 m.
The Liverpool Victoria Friendly
MGM Assurance annual
premiums volume up 90%
STRONG SALES of income
bonds last year enabled the
Marine and General Mutual Life
Assurance Society to achieve a
90 per cent rise in new anmWl
premiums from £2.69m to
£5. 13m and a jump in single pre-
mium business from £5.9 Ira to
The company last year mar-
keted two types of income and
growth bonds. The four year
bond launched towards the end
of the year sold £7m of single
premiums. The 16 year Design
for Income Bond sold well
over £25 m.
MGM Assurance has been
consciously moving away from
mortgage-related business to-
wards more flexible wilh-profi!
savings contracts. The reduc-
tion in mortgage business was
balanced by an increase in the
new style savings. Pensions
business was good in 19SI with
new premiums rising 29 per cent.
Results due next week
Analysts are looking for pre-
tax profits of about £55 in from
Trnstbouse Forte when it repons
its figures for the year ended
October 31 on Wednesday. This
decline from last year's figure of
£66m is largely due to a drop in
occupancy rates >n UK hotels,
which contribute about half of
THF"s profits. Belter news
should come from the catering
side.
Colony Kitchens in the U.S.
should 'be returning to profit-
ability, following rationalisation
in the wake of last year's £1.3m
loss. Gardner Merchant contract
catering is also trading well, as
arc the motorway service sites,
following the £15m purchase of
the leases from the Government
September's one for four rights
issue, which raised £S4m. has
reduced gearing to around 32 per
cent and a further bid for the
Savoy Hotel Group Is expected.
Thanks to the rights issue money.
around £75m pre-tax profits are
expected for 1982.
A pre-tax profit figure of E33m
is the most popular estimate for
Tate and Lyle when it reports
for the year on Wednesday. This
would represent an IS per cent
increase from last year's £2Sm.
Agribusiness sbould break even
afer sustaining a £7.6m loss last
year.
The closure of the Liverpool
refinery reduced capacity but will
also have led to substantial sav-
ings on overheads and an
improvement of margins. The
closure of Carton's will mean that
the £3.1m starch losses will not
be repeated. Molasses have been
a weaker market and margins
have been squeezed.
However an improvement in
the second half from sugar trad-
ing ts expected. United Kingdom
sugar consumption is on a
slightly lower trend but recent
price rises arc thought to be
holding up well.
Ges tetter, which reports pre-
liminary figures on Wednesday,
is expected to show pre-tax
profits of £Sm-£9m for the year
ended October 31. against
£16.5m last year. The troubles
reported at the interim stage
continue.
Europe is expected id show a
loss for the year, hard hit by
the decline in public sector
spending and increased
Japanese compel ition. Currency
movements have been in the
company's favour lately but are
not expected to come through
until next year. Redundancy
costs nf around £lm will also
fall in the second half and
could go above the line. The
final dividend is expected to be
halved in line wilh the interim,
while the market is not sorry
about tfce collapse of the Ne.vos
deal.
MFI. which reports interim
figures on Tuesday, is expected
to show an improvement at the
pre-tax level bul not thanks to
any resumption in demand for
furniture. Analysts are looking
for around £6.2m-£6.5m against
£4.97m last time for the 26
weeks ending November 24.
Last year's figures were de-
pressed by the costs of absorb-
ing Status Discount.
Gross margins were raised in
lhe second half and net margins
picked up due to cost cutlinc.
an improved distribution net-
work and belter stock control.
Sales remains dismal and (he
current weather is not helping.
The market predicts £i4m for
the year and belter propped s
for 1983 as the popularity of
self-assembly furniture •.ecm?
assured if and when spending
rebounds. An increase in the
interim dividend would lie a
surprise
Other figures due ncxL week
include interim results from
British Electric Tract ion on
Thursday and preliminary re-
sults from AngHa Television on
Wednesday.
Company
FINAL DIVIDENDS
Anglia Telavision Gioup
Arbuihnoi Sterling Fund
Associated Paper industries
Booth am Engineers
Derby Trust
Gastetnar Holdings
6 mol Northern Investment Trust
GrBC«lr>ar Investment ...
La 08 Investment Trust
Lookers • ••
Love'l (Y J.) Ho*dings . .
Sterling Trust ...
Tsra and Lyle
Trusthouse Porto ......
Umted Sietes ft General Trust Corpn
Wha«.*T9»
Announca.-
mc«T
Dividend (0)*
Lest yeer This year
Company
Announce-
mgn!
Dividend
Lasl yoai
duo
Ini.
Final
In:.
due
Int
Final
.. Wcdncsdjy
06
_
_
5c:lor (A end J.)
Group investors
.. vjcdncsda-/
.. 7ue*day
1 6
1 1
*1 -
20
.. Wednesday
2.0
30
2.2
G.T Japan investman? Trust
Monas/
0.5
40
- Wednesday
0.5
—
0.5
Hayses Publishing Group
Friday
30
5 O
.. Thursday
1 21
079
06
MFI Fymr!u:e Group
.. Tuesday
1 1
I 52
.. Wednesday
5.5
eo
—
Midland Trust
.. Wednesday
2 45
3 35
.. Tuesday
1 1
2 1
1 A
N®v*marfc (Lpjis) ...
. Thursday
40
70
.. Tiursday
8.612
17.646
3. 889
Monday
4 I
4 2
.. V.'edncsday
2b
2 75
1-25
Piooerry 5e=u-''(y Investmcnl Trust
Wednesuay
04
1 04
.. Moodiiy
3.0
4fi
2.0
Heyrmor Gmj*W — - -
Monday
0.5
Thursday
■—
20
—ft
St-riir.s Group
. F-.day
02S
0 35
.. Monday
1 *7
2.8
7 47
Stock Conversion and Inves*. Trust
. V/odnesday
1 7j
. Wednesday
1 i
2.45
l 4
Stroud RHey 0/ummond . .
Monday
05
1 O
Thursday
20
50
2.25
Western Board M:Kj . .
.. Monday
1.7
4.2
Friday
30
65
3.0
Vi'uonol Invaebnent Trust
.. Tuesday
03
0.762
.. Wednesday
4.0
6 5
4.0
This yew
l"t.
Wednesday
Friday
Thursday
INTERIM DIVIDENDS
AiHa investment Trust
Austin {James) Steel Holdings
BMuk Electne Traction .
Oom Holdings . ..
Estates Property Investment ..
Monday
Wednesday
Thursday
Friday
Tuesday .
Acrospacv Engineering
Atlantic Assets Ttusr . .
Cnematograon Tneatrrs ...
Goodk-nc fW 1 a n d ■ ■
Star Computer Group
Thursday
Thursday
Monday
Friday
Friday
* Div^de-da snow" net pence per ehem end adjusted to* any 'ntirvening
acno issue.
Cawdaw
reduces
deficit
bids and deals
United Biscuits acquires
LOWER ' INTEREST charges of
£169,000, compared with £269,000,
contributed to Cawdaw Industrial
Joseph
contributed to Cawdaw Industrial . J- . . tfon of Teiry .will proTide^.wiih
Holdings cutting its pre-tax losses ACQUISITION of Joseph has - large , chocolate interests ' a solid' foothold in^hri important
from £549.000 to £415,000 in the Terry and Sons, the York-based through its Penguin United, -Taxi new market and wi& materially
half-year to September 30 1981. manufacturer, by and Yo Yo brecuit; brand -riainft,:*^ improve Terry* prbf&ab
Sales improved from £3.fi5m to united Biscuits for £24.5m, fol- plan&to. materially • improve ■ . Jn -September UH.re
£4.51 m.
No tax wa s payable (£15.000 lasl November.
lowed discussions started by UB Terry's profitability, v
profitability.
UIFireporteL a’
- 50, per cent' increase.' in profits
credit V this time, but there were As part Colgate-Palmolive,
UB considers that wilh its / before tax to a. tarn- ■
large and effective-" grocery nver of £523m. In the/previous '
■ ... u „J|1 TllIv.lD loot
extraordinary debits of £116,000 I ^ ma jo r u.s. hnuehold'and per salesforce, it will slgnificantly-m- for tbe28- weeks to Juiy-ltL 198L
Another depressing factor has
been the declining demand for
consumer ’hppliances. The rises
in rents and rates 'have led the
company to cut back on over-
heads, but a thorough review of
the whole operation- is being
carried out. Such virtuous inten-
tions and a claim that profit-
ability will return . in this
financial year did little to con-
sole the market. Immediately
after the figures were announced
the share price, steady before
the results, fell 25p to 115p. It
rallied to 120p, still substantially
below the 1981-82 low, and well
under half the net asset value.
Shareholders may be looking
nostalgically at Comet's 1978
offer worth 273p a share at the
time.
(nn). sonal care product group,- Terry crease Terry’s - sales volumes in the whole of 'the- -previous, .
The directors say the half-year showei i pre^ profit 0 f £2.7m thnragb the distribution, which' year the group' achieve^ a profit ’-'.I* jJv
has seen a continuant of toe f or the year ended September 30 the group currently serves. , of£47.8m. >;
recession which has affected an 19Slt on a turnover of £42. Im. The company says there will . For Colgate .third';' quarter; i' :
divisions, which include textiles. Thp booh value ^ Terry's- net be similar opportunities -for the . profits fell by 26 ; per.-’-oeotAtih ; ^ ■
furniture engineering, DiY^ana tanfr jbie assets at that date was Terry's salesforce' to handle $37-3m on-iriitoal}x-.sta^i:&a & ■-'#
timber. They say many un- ■ appropriate UB products ; fifteen- 'of ; Si.iabhT This ' brought-nhie~ ^ T^V
palatable decisions have been 0f ^ £24.5m purchase price fectionery outlets. UB also, plans, month profit s. :to : '$t3L9ny -• . ?*.-
ta ken and the stringent measures £g ra represented repayment of to generate a major increase In (Sl38.7m),.: on sales' of -?fc92bit . * . : ' c
introduced have led to a r ®auc^ loans' to the parent company* The Terry’s export business through (S3JBlbnL
tion in trading loss ana interest ,j ea j ^as done through Colgate its sales network, 'in-- North- - On the London Stock - Exchange i.- ■** ',
charges. . Holdines (UK). America and the Continent. «.UB -Shared closed Ip higher, at. 1^'
tlon in trading loss and interest
charges.
There have been, however,
extraordinary losses resulting
from redundancy and ' closure
costs, principally within the
textile division.
Although the first half was
“very disappointing,'* recent
management accounts indicate a
reduction in the rate of loss. The
board, with the support of its
clearing bankers in providing
overdraft facilities, is continuing
to take positive steps to re-shape
the group with a view to the
return to profitability.
Holdings (UK).
.United Biscuits^ which already
America and the Continent. . «UB .shared closed Ip higher, at.
UB believes that the acqulsL _113p. \
Johnson & Firth Brown sells
five subsidiaries for £4,8m
Johnson and Firth Brown, £be balance of £1-Sm wax available pany.-will receive from- the /Kale- v
specialist engineering group, has from its medium-term bank of the two steel . vi^l'infll-'.cqjnKr^r:^
The pre-tax loss on a CCA basis I sold with effect from October 1 facilities.
was £447,000.
panies — at Manchester . «ahcK' -ty
Demand at home is weak and
margins have been further
eroded by Belgian imports. And
exporting has been an uphill
struggle, at least until recent
months. The shutting of Eskbank,
shedding 300 from a workforce
of 2, (A0 is expensive in the short
term but puts Stoddard's capa-
city in terras of manpower more
or less on par with the depressed
level of demand. The message
from the company' is that it is
now lean enough to emerge
making profits some time next
year. Those who follow the sec-
tor will remember Homfray
making equally confident noises
- before the hank pulled the rug.
But Stoddard's balance sheet is
in .much better shape than
Homfray's. Capital gearing last
March was 35 per cent and.
Judging by the interest charge
debt is not rising dramatically
even if reserves are being eroded
by losses. Analysts may fee! a
little more relaxed about Stod-
dard after these figures but the
price at 14p—-llp below par — is
not leaving much to chance.
Heron
Motor
in profit
1981 five of its smaller sub- To enable JFB Holdings io ; Ambergate-^some
sidiaries to a wholly owned UK subscribe for the £lm ordinary' a' six-year period, ot wjiiclt b
subsidiary of its U.S. associate, share capital, of JFB Inter- was paidln May.. '=.
national, the JFB Group V has . The sum includes Ihet.ultfc^tiri ' *
Tile five^compame^—Gordian advanced to it US$2J25m, against sale proceeds vf the two* factfiy r- ^
Strapping, Endecotts, Everbrtght io^xt notes of which $ 1.25m will properties which are .currently.'-’ *
Fastpnprs JHnntor w(r« Prnrinrta <- . i nn (fioi r_._-._- , ~
•_".y£- 1 *
• AT* A. effect the purchase The con* accDunia * group cnamnau.
m nrOTlt sideratioo of £4Bni represents Mr*J. M. Clay, says thecompany . Ongroupprospects,^d^->^V.;
F 1 V111, the companies* combini book wlD receive an immediate cash man reports that- exgcpt^fiff jfer,, 1 *. j /.
w ., . . value at September 30 198L °* r £4m a J f “ rthe T aerospace and .motor in^B^L;: ^
A RETURN to profitability has Interest at 15 per cent per annum S2 - 25m from the deferred it seems as if the recesspn^fek : ij'
been achieved , by Heron Motor is payable from October 1 to the element of the arrangements. bottonred nut and In. some
Group (HMG) in the six months completion date. Other benefits are that neces- mere are signs 01 ^siow^Bmr^;-,.> ;il :
to September 30 19SL Pre-tax Combined sales and pre-tax sary additional finance will be ■ hr business. ' - *
profits for the period were profits of the five companies, available for the development - For the 'year ended SepfrhitfiexY ^r.. ;
£110,000, which compares wiui a included in the group results for of the group's principal sub- 3D 19S1, the group- rewi&d ; -
loss of £247,000 for the same f£||, y ear lq e0{ j September 1981 sidiaries as the business climate pre-tax loss . of £2.74m- (»^8au-:^'"
period of 1980 and with -a were £g 6m Md £gis,000 improves. The. group will also profit) .although
£989,000 deficit for the last tun respectively. ' - retain a substantial stake in the was made 'in the second'hatt--'_- r ^ r ;:. / , ;
ye 2- r ' i- .w v i* JFB International has obtained five companies which • are as . reported December. * : 'A^V;
Earlier this wees, it was the consideration by issuing for expected to continue to grow and nominal final-dfridend.Of lp^pef?^;'!
announced that Heron corpora- ^ £i m of ordinary share develop. . " 1,000 ordinary sh^es^ ‘
tion. the diversified prijrate group capital to its parent JFB Hold- During 1981 the group decided paid to. maintain trustee i: .
Other benefits are that . necra- there are .signs; of 'a -sic
£989,000 deficit for the last full respectively.
y* ar - , JFB lnterr
Earlier this week, it was consider
announced that Heron Corpora- cash £lm of ordinary share develop.
tion. the diversified private group capital to its parent JFB Hold- During 1981 the group decided
to an offer of 34p per share for
the 29.5 per'eent of HMG it did
Tom' Whyte instrumental
Despite the better trend in ■ ^
r n “ u rim in Sangers appointments
followed by 0.4p finali. There is ■ • m " , r - • ' •
no tax (£21 000 charge) and earn- mr tout WHYTE has bwn group back to profitability. •
S_ p "^P, s _ h .^ arc sh<wn at instrumental in making two „ is ' yL,
BENLOX BUYS FROM& >: ^ :
•M. -JANiESrf^
Benlox Holdings is to aoquhe. ' .1t ' ; ‘ : - v
the capital: of. Joshua Bigwood ' J
and Sons from Maurice James -1
Society also saw increases in
business in both its branches.
New premium income m the
ordinary branch improved 12 per
cent from £2.5 lm 10 £2.S3m and
by 6 per cent from Xl2dm to
£13.. 1m in the industrial branch
This gave a toial rise of 7 per
cent on all new premium income
from £15.01m lo £16. 13m.
The City of Glasgow Friendly
Society saw a slight rise in
annual premiums from £640.000
lo £660,000 with new sums
assured rising from £14.9m lo
£17. 4m.
London and Manchester Assur-
ance saw its new annual
premiums in the industrial
bram-h rise by just over 1 per
cent rrnm £fi.4m in S6.5m and Ms
new annual premium in the
ordinary branch remain at £2.Sm.
The strongest results of the
group came in its pensions
division where nei new annual
premiums climbed 16 per cent to
£2.3m and single premiums rose
by ihe same amount In £2.1 m. In
the life broker division, smqk*
premiums were more ihan 80 per
•Him higher at II. am iargclj- due
to the increase in sales r»f (inked
bonds. Bui new annual premiums
fell slightly frnm Il.Rm to £I.7in.
followed by 0.4p final). There is ~
no tax (£21.000 charge) and earn- mr tom WHYTE has bvn group back to profitabihty. ’ : . 'pE&SH i
v&sgmgr arc shawn at instr vr nla ; , mak i nB ^ tw ? ***
suss
IN BRIEF
J H. FENNER (HOLDINGS) (power
uansmissions engineei) — Rasulis lor
, iSenSwciSK Se M^Michael ^ polnted f a * e bSard at about toiuufacturfcg -~
4 Net asset value per share -s jjtay SS SSSSffi. SMSSfEW *^*^4&*&*
P ' I ,^ r Saul, a commer- t0 jjave- had “ an expertise '3 198t-BigWood uadeite^ profits
jgiM 5
Triumph Investment Trait. the futirr^ nf X IT
Mr Whyte has consistently said „ uture of the group.
yoar ended August 29 1981 reportod iD Sftll ? e J?* ^ attgr ail .expenses, WOVE ex-
December s m preliminary atotomcni standing at 23.8 per cent through pf the- optic - divisiML %ceefl "E100, 000. ..-Beni ox 'considers
with prasp«ci&. Shurohoiuors’ lunds lus Bermuda company, Paget restgnea in March last year and • that Bigwood will, re turn to profit rr
.""j c ' ,rron, r^^’ 3 Agencies, should be regarded Che^optics operation was sold for - during the current year. S:
Si5fcV"S^^^riSi5S£ j».” >"«*»!■«• »»‘l» to SASS" - warrant .tlMit lhe fi
C4«m i £2.87m>. Mcowno. Leeds, recommended Mr Flmn and Mr in September. • . . n et tangible assets of ~Biewndd £’
the future- of- the group.** ^^Bigwpbd^fbr
v*_ «. t . • the 52 weeks to Jaiiituuy- 2. 1982,
iiUrt DD t- ex -
«r.
3- -i:
(E3I.*8m)'. incrcaofl in nei borrowinys
£4 4dm (C3.87m>. Mcoirnq. Leeds.
February 3. 12.20 pm.
February 3. i 2 . 2 o' pm. ' Saul to the Sangers hoard as Further boardroom chaiic
tomkinsons carpets— R osuiis ior being capable of bringing the are expected earlv next wtSk
the yoar endud Octobor 3. 1981.
n'Dorted Novcmbar 28. Group hxod
assets C2.44m f£2.35m): nci current
assets C2 3flm (E2 92ml sheraholdcrs'
funds CS.ZSm (E4 ,92ml: incrooso in
net liquid lunds G27.778 (r956.940>.
SHARE STAKES
io ^ouona aaa-AittBttOB “James wiH warrant . .that tile *
September. - - . . ne t tangible assets of ^Bigwood -J:
Further boardroom chaqges a^-at January ,2. 1982 will be- not ' '
e expected early, next week.'- less than £675,000. As at that-.;-?
date there was an inter-comptady i-
- ; loan between.' HIgwood and
rAKES James ofapproximately £200,000. ' ij
^ Ttlic tirill hB. ^ V
■Ki:- 4 -
.1*:; 1
SK
Audiotronlc Holdings— Pony- D. DX. Lancaster — Swiss Metal-
This will be -repaid during the'.;;]
Proposod IO fhinqc ihc company's ra nd as at 8 owiss itteUU-
Mmc io Tomkinsons plc Mociimj. si n a i January 8 held works Selve. a company con-
KkdcJcrmmstQr, Fotaruory 9. noon. Q1U,,W uramary
STEWART AND WIGHT (bnkcr. con- Cent),
fnci.oner and hoiol owner) — Pro-Ms Crossfriars 1
orofus for sit monihs lo Sopiamher 36. I irp Ascuran,.a
1981. £3.336 (O.S1G). rurnnvar C122.48T
inwsrn ri iroic.\ noilllM 3 lUrthl
810,700 ordinary shares (6.95 per trolled by Mr Weraer Rey,
two years folio Wing cdmpleti od. . - : v. j h *
' BOWATER ■ l; -
• Bowateris presence Jn Euro-. Si;
nnnn ruixkt r J! ’ j ?
IC99.S79). dopreciasion £1.444 (£936).
Mr £722 (£1.188). lejwnq ncr protils
1. 220 l£l.'92) Sl.ned carmnqs pci
rii-cfriarc v#a h i P urch ased during the period • Bowaterts presence Jn --BunK/fK
Cressfnars Trust— EquiUble from October 5 to December 31 P«an freight forwarding
l?Slka total of 327.500 shares been strengthened by the recent
Srdin^v Purchase of at prices ranging from lSp to increase, feom 59 per cent to.-
hnimn^ /r tar i C nn^ 1 nnii ns i- l0,a S' 113 - ' In addition, a further wore thari 96 per cent, nx" fts • : C
LOOo.OOO ordinary 7,555 shares, being the rights Interest in Rhenania ^
monl An O'? Snn nn«l CnnititlAn^ ei -- 1 .*-. h
DIVIDENDS ANNOUNCED
Date Gorro- Total
Current of sponding for
Dpwhorsl ami Partner ... 0.15
Doreen Hlrigs mt nil
Hales Props ml 1.5
Raeburn 4.9
Rayberk mt 1.13
Stewart & Wight int nil
Henry Wlgfell ml nil
Heron Molor int. Nil
payment
div.
year
year
March 31
0.15
0.15
0.15
—
1.25
-t
3.05
March 12
l
4
Feb 22
4.35
6.9
6.35
March 4
1.1.7
—
2.26
Nmco Investments-— London logistic . services in - the freight-'. i E
Trust has purchased 90,000 ■ forwarding industry’ and'empToys . ^e
shares increasing beneficial about 2 f 00ft.' Taroover-ItflllKL: "?*
interest to 350,000 (16.8 ^ter was about DM -400m. '. Of'/.-'c 1
re o'' Ml _ . . ' Thikiddltfon compJements.&d -;%b
t o . , nk of Scotland — -acquisitions of Bowater
• ■ L. K. Inslts. dirPflnr nnlifiae Sonrinw in TOOi r Tr— * ..r.- TTj .|MI '• - /*hi
, T Ba , nk °f Scotland — -acquisitioos of Bowater Freigl^r 'S^
. «!-' dir «tor, notifies Services in 1881 of Baxter Efbatt r.j?**
that 2o.000 ordinaw shares in and TKM Forwarding in
wiuch he had an interest as a and the :'SAFE/Copei : -ld^t3he'- ; Ai
have he en sold- Netherlandsv- - ';v V-?t .
C'niOex Holdings — Hillsdown- „ - . - ^ »
Holdings has acquired a further - H. ^RAMMER : %
^SfiJSPZg* $***■ ■« . u . The : -shareholding ^
Ar^?^hiL Gnmp-Scoltish. Prudential Coxrbfaflon-JihS’'
Amicable Life Assuranra Rrnnmsr. mj r. 'coiuj
reremSnd^d.^ 3< ' ,qU,S,,,0n ^ INo Dnal ^ holding
to 387,200 (4.76 per. cent).
January 12. ■
* -k : S§
I1|. 2
I'-A. *
'•'T;-' *-
mmm
.■#L
£%.
i^.S%
m
The Queen Elizabeth 2 moving downstream from her Hudson River nler
host known ship, leaves New York tomorrow, at (he start of her lflffl WorM
range from £325273 down lo £G.OOO and the ship is virtually fully booked Crai ^ e - - ”«ees
The cruise will make a considerable contribution in overseas currencv mtHbr I**
JJJJjjJ® win ' bB 10 forclfiD currendes. the largest single contributor^
mi
; J yr-i.-p-.. J 5
. ) V ii’ -J.‘; ,
THE WEEK’S COMPANY NEWS
Quit!
Oils
11 $e|
Bid*aaddeafe-'?;^’r‘
• - • - •• . ]r< :■■■'- . . _■ ■ "J
Lord .Gi^e/«dsi^;.^'ibnisd^'.u'^iaini^ of Associated
Communications Corporation; the*; entertatoments conglomerate
that foe Jazgely -cteate^ Gradei has .been replaced hy Mr
Jtofeezt' 'Rokaeg : ^AtzstnOzan , hasroessman, whose
mastep-coffipanyi. I&e-Be*l^firaop, of -Perth, Western Australia,
has made an agreed £3fim.t)id-lor AC G. Clarification of the situa-
tin is awaited foUdwK^T^brts' ihai Mr G erald Ronson~nead of
the 5KOTate. British otwjpffliy Heron',- Corporation, had intervened
with anoffer^A^ : -
Heron Corporation^ Ttaassased its hid from 28p to 34p per
share for the 593 pea? cent of Heron Motor Group it does >'not
already own and gaikieftiift Inter’s independent directors* accept-
ance- .Tte' reTfe^ .nfite-TOlnes the -.outstanding shares at almost
£4m. and th^-entire HMG capital at £t3.5m. ■
BoddlngtwaA- Breweries, the M anchester-b ased real ale pro*
ducer. made ahagreedfZSm hid fpr neigbouiing Oldham Brewery
on tfae^ basb-.-ef.- three Boddington ordim y shares and- 195p
nocnnal' offti-^er-tssat -convertible loan stock 2000/2005, for every
four OMQpam 'sSoijces. The bid values Oldham at approximately
160p per sharfi^ tbe Compaq came to ihe Unlisted Securities
-Maricet4a^G«i^^ of 77p. - 7- . . .
Nortiiem Effods made an agreed £37m bid f<H* Keystone
.Foods p£J3fc8’' - !tfcS., the Philadelphia-based food' processor for
McDonaM^s'fast food restaurants. Keystone Is Northern's second
large TJ.S. acqSisa^h ih two years, the first being another Phila-
delphia foi« BrD<^sspr,.:Kuebird
,Uni ied >fewspapers made an agreed £10.7m bid for Colonial
Securities T "TrasL the .authorised investment trust managed by
Drayton Montague Portfolio Management The^d followed the
suspensronof dealings on Tuesday in Colonial shares at 54p: they
resumed: tradii^. at 6ftp. . • . .- _ *
- Marthe/.-Wliie (Shippers) made an agreed 200p per
snare- cash w- fbr Mew SySjet; tile Bangladesh tea producer,
valuing the latter at £3W?»Q00;: in a. thin market, Sylhet ended the
week: r at 225p- ::
Reports, confirmed on Friday, that the Monopolies Commis-
sion had ruled against the bids for Royal Bank of Scotland from
■- Hongkong a od Shanghai Banking and Standard Chartered, caused
a sharp reaction in Royal Bank’s share price which, on Monday
plunged from 193p to 13ap. Bank of Scotland, which had been
buoyed by hopes that the bids, would be allowed to proceed,
fell sharply .in sympathy. -
PRELIMINARY RESULTS
Value of * Price Value
-Company bid per Market before of bid
bid for share** price** bid fin's**
Bidder
Prion In pMM unless otharwtM indicated.
East of Scotland Onshore
progresses at 10 months
; PRE-TAX revenue of East of
Srotland Onshore was £210,214
in . the 10 months to November
'30, 1981. In- the previous 12
months to January 31^1981 the
- .'figure was. £141,044. The revenue
-’account straws franked income
' .'^ . higher at .£72,689. compared
with" £51,486, apd . unfranked
'Income was up from £128,087 to
-££88^15. . .
' Management expenses- for the .
.lOmontb period were • £50390
.(£38,529 for 12 months), ; and
V^after/tax of £93319 (£59.645).
. ;joet revenue was £116395
: .-{£83399).
" .“ / Stated, warnings per' 25p share'
^iirere 1 J.7p (L36p). -An interim
dividend of 0.5p (<L25p) was paid
nth December 9, 198L The board
' hopes to : pay a final of not less
. than 0.6p.
- / East af tScotland .Onshore in-
vests in unlisted companies en-
, gaged to provStfiqg services or
.supplies -to the. ail and gas
".industry^ . . v-i .
,i The balance sheet sboWs assets
of £7.05m. with . listed' invest-
ments' . (Government stocks) .
accounting for £X.72m, and un-
. fisted investments - of . £4.79m.
Net asset value- per share , at
November 30 was 89-Ofip (4&94p -
at January 31,. 1081). ;
v'l The. . company": has given
guarantees, in -the amount of
£435,715 to secure the borrowings
of certain companies in which
ESO has an investment.
.i The Toss on the sale of an
investment 'amounting to £96,824
has been written off revenue
■ reserve; . j and issue expenses
amounting to £301337. have been
written off against share pre-
mium account
.Mr H. A. Whitson, the chair-
man, says that since the com-
pany’s recently obtained listing
on the Stock Exchange, it has
invested a further £345,493, and
this includes the refinancing of
Comap Project Management Ser-
. vices , by the injection of a fur-
ther £100,000. . This increases
ESO’s equity interest from 20 per
' cent to 25 .per cent
* The holding tn Seaeater was
disposed of for a book loss of
£95324, and ESO subscribed for
8,000 shares: in Robertson Safety
Engineering (Grangemouth), the
-main operating subsidiary of
Seaeater. ESO’s holding is 21 per
emit-
Mr Whitson says a number
of : propositions have been con-
.SidwuA in the period under re-
view, cine of which .should be
completed by., the end of this
month. '
London traded options
Jan. JUS Total Contract* 2,009. Calls 1495. Puts 664.
.. ! -I \4an. I . April- I ; July ■■
price"] offer
■»
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; Mi J; IL Nightingale ^ Co Limited
j < JS^ff iovat Lane tendon EC5R 8EB . Tdephooe 01-621 1212
‘ • 138V82
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.Gross Yield '-fWb»
'7 company Price Change (IMP) % Actual taxed
•Bardbn Hill ■» ... - f-J --** . J-f.. ^
;5S?sar;^:f---:4 > ^
Fradarick P«A«r ^ + 1 17 . ^
G«W = BWf . “ w" ?:7 6A .101
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- 1 ” S3 « «
fticee now avails bto orr Preewl page ,48140.
— 7.3 -7:7 GA 10A
15.7 -15.0 —
_ . 7.0 - 7,3. 32). 83
31.3
115
as-
...a.a -
. 5.3
9.6
8.5
T 7.S
•10.7
6; 4
5.4
as -
15.0
toll
•'
'
3-D
10-3
5.2
s.a
6.4
E.3
5.1
90
13.1
6.1
4,1
85
Assoc. Gonuns ‘A* 66* 67 52tf 35.8 . Bell Group
Bszaloni Hldgs. 700* 190 245 1.75 Close rule
Beaumont Props. 126 128 112 19.89 Lndn. Shop Prop.
BfcrecH 150 149 94 85-22 Hanson Trust
Berkeley Hambro 347 326 274 58.97 Town & City Pxps.
Callender (G. DL) 85* 83 56 5.78 Colas Prods.
City Offices 117 US 110 - 31.37 Greycoat Estates
Colonial Secs. 741 68 54tt 9.34 Utd. Newspapers
Croda Int. 70*S 77 43jt 62.8 Bunnah Oil
Croda Dfd. 37*5 50 21 3-90 Burmah Oil
Elliott P’b'roftl 40 39 42 5^7 Jenks & CatteU
Grant Bros. 190* ISO 179 2JSS Jadepoint
Heron Motor Grp* 34*§ 32J 23- 4J3 Heron Corp.
Howden (Alex.) 148 131 142 134.61 Alexander and
AJexander-Brvs.
Lagan vale JEsts. 33 i 29 29 4.90 Stnrla Hldgs.
Lon. Shop. Prop.
Trust 1515 6 114 137 X5.25 Bosehaugh
Mothercare 173 158 168tt 111.54 Habitat
New Sylhet 200* 225 225 0.38 Bon Marcbe Line
Oldham Brew. 1595 153 91 22.9 Boddingtons
Pyramid (Pbsbs.) 60* 57} 60+f 1.20 Starwestlnv.
Ward (T. W.) 225 1 230 144 13L31 RTZ
WiiliamsOV.) 25*t 22 lift 0.S5 Price <C)
» * All cash offer, t Cash alternative, t Partial bid. S For capital
not already held. ** Based on January 15 1982. tt At suspension,
tt Estimated. §5 Shares and cash. 1? Unconditional.
85*
8 3
56
5.78
Colas Freds.
117
118
110 .
31.37
Greycoat Estates
74*
68
54tt
9.34
Utd. Newspapers
70*5
77
43*
62.8
Burmah Oil
37*5
50
21
3-90
Burmah Oil
40
39
42
527
Jenks & CatteU
190*
ISO
179
2.2S
Jadepoint
34*§
32*
23
L33
Heron Corp.
148
131
142
134.61 Alexander and
Alcxander-Srvs.
33*
29
29
4.90
Stnrla Hldgs.
ISZ5S
1Z4
137
15.25
Bosehaugh
173
158
16STT
111.54 Habitat
200*
225
225
0.38
Boa Marcbe Line
1595
153
91
22.9
Boddingtons
60*
57*
60tt
1.20
Starwest Inv.
225 1
230
144
13L31RTZ
25 *t
22
lift
0J35
Price <C>
Company. to
Assoc. Nwspaprs. Sept
Barr (A- G-) Oct
Berlsford (S&1V) Sept
Bett Brothers Aug
Braid Group Sept
French (Thomas) Oct
BeavitreeBrwy- Oct
Kenning Motor Sept
Leys Foundries Sept
Lincroft Kilgeur Sept
Lowe (BobLH.) Oct
M & G Group Sept
M airhead Sept
Oakwood Group Sept
ORE Sept
SGB Group Sept
Stakis (Reo) Sept
Pre-tax profit £arniug$* Dividends*
(£000) . per share (p)
16,240 (22,550) 25^
3^80 (2^70) 38.7
40,700 (36,100) 18.1
1,720 (230) 114
337L (873 >L —
1.660 0340) 27.0
687 (595) 72.2
3.549 (3,996) 11-2
2.430L (537) —
321 (425)L S.1
• 241 (719) 13.5
3,850 (2,900) 252
882 (2J280)L 72
598 (718) 35.5
356 (85) —
12,520 (16,280) 15.7
4.660 (3,940) 6.5
10.4 (1Q.4)
557 (4.89)
7.5 (6^)
3.1 (3.1)
- (-)
6.0 (5.0)
22.5 (20.4)
3.5 (5^)
0 ^ ( 2 . 0 )
LO (-)
357 (2.72)
12fi (10.0)
3.0 (— )
6 X (4.5)
- (-)
5.6 (5J)
1.6 (1.4)
Scrip Issues
ORE — One for one.
Dura Mill— Three for two.
Offers for sale.placings and introductions
Satellite Television — Has raised £4m by way of a placing of con-
vertible unsecured loan stock.
Raybeck slides to £0.26m: holds interim
DIFFICULT TRADING con-
ditto ns during, the first half
reduced taxable profits of
Raybeck — the men's and ladies’
wear manufacturer and retailer
which owns the Bourne's depart-
ment store in London's Oxford
Street and the Lord John and
Berkertex chains of shops — from
£1.01m to £256,000. Turnover fell
from £44.73m to £42.91m.
The interim dividend is set at
L13p net (same) per IDp share
— last year a total of 2.26p was
paid on pre-tax profits of £L52m
(£5.5Sm). Earnings per share for
the six months are given as 0.19p
(L13p).
Hales Props,
moves ahead
Pre-tax profits of Hales Pro-
perties Group rose from
£234,762 to £275,387 in the half
year to September 30 1981. The
interim dividend is raised from
lp to lfip— last year’s total was
4p.
Sales for the six months were
up from £543,390 to £588.050.
and rental income was higher
at £244,325 compared with
£192,178.
Mr Ben Raven, chairman, says
that despite the difficult trading
conditions in the first half, the
indications are that trade is im-
proving.
In view of the trading losses
being incurred at Bourne's the
directors have decided to curtail
its operations. Detailed discus-
sions concerning the redevelop-
ment of the Bourne's site with
the parties involved are con-
tinuing and the directors hope
these will soon "reach finality.”
With regards to these dis-
cussions and the improvement in
trading the directors feel they
are able to take an optimistic
Raeburn steady
at £1.9m
Net revenue of Raeburn Invest-
ment Trust was little changed at
£1,917.721, compared with
£1,922,187, in the year to
November 30 1981.
The final dividend is raised
{com 4.35p to 4.9p for an
improved total of 69p . (6.35p).
Stated earnings per 25p share
were slightly lower at 6.9p
(6.94p)
EUROPEAN OPTIONS EXCHANGE
. - . . I F«b. | May | Aug. j
Series ; Vat. Last , Vol. ; Last j Vol. i Last [ Stock
GOLD C
GOLD C
GOLD C
GOLD C
GOLD P
GOLD P
GOLD P
GOLD P
GOLD P
6375' 4 116.50
£400 10 | 7.50
8485- 119 | 2.50
5450) 1 ; 1
S375* 9 ! 10 1
S400I SO 82
S425I 3 i 46 1
54601 8 j 70 1
S475. 8 ] 94
9 I 319 19
15 I 20 31
9 12.50 30
15 1 7.60 ; -
34 | 15 A -
7 28 19
44 $379.50
it -
46 A! 88
19 128.60
. 18S*NL81 87-91
C F.105 f
P F.102.50 !
105, ML 80 86-96
C F.97.50 [
P F.97.50 t
AKZO C
AKZO C
AKZO C
AKZO P
AKZO P
HEIN C
HEIN C
HEIN C
HEIN P
HOOG G
HOOG P
IBM C
IBM C
tCLM C
KLM G
KLM C
KLM C
KLM C
KLM P
KLM P
KLM P
NEDL C
NEDL. P
NEDL P
NATN C
NATH P
PHIL C
PHIL C
PHIL C
PHIL P
PHIL P
POLA C
RD C
RD C
RD C
RD C
RD P
RD P
UNIL C
UN1L C
UNA P
FJ22.50'
F.2S;
F^7.5tf
FJB&
FJ7.50I
F. 49!
F^O
F.56I
FJSO
F.15
F.17.50
$50
$60
F.BO 1
FJ9D\
F.lOOi
FJ10;
F.120 1 ,
F.80'
FJOi
F.200!
F.130;
F.130;
F.150, 1
F.llOj
f.ud!
FJ2 0
F^8£01
f^s:
FJO)
F^2-5ffl
Jan.
171 [ 2.50 |
1298 0.10 •
— I — |
141 I D.10 I
38 i 2.70 ;
58 } 3 1
253 i 0^0 |
80 ' 0^0 !
104 1.30
108 ! 1.50 I
50 t 92*1
7 1 3.10 jF.106.50
65 f 0.70 | „
4 { 2 jF.96.70
— I — f n
July
- | - IF.25.10
- — F.50.20
15 3.70
IS I 7 8
45 ! 0.10 a;
293 3
24 ;15J»aj
33 ’ 0.10
30 1 0.10
603 1.60
49 I 0.70 1
69 I l* J
165 '11.90
360 l 2
MANN C DM.16D
TOTAL VOLUME IN
A = Asked
274 1 0.10 I
19 8 A 1
21 ! 11.40 ,
131 i LID :
Fab.
20 : 0.40 •
CONTRACTS:
B=Bfd
100 0.60
20 I 1.70
April
14 3.60
76 1.70
58 0.70
76 1
18 3
14 1.10
- 1 - - — jF.15.40
51 *938 P - :$59rir
- - 23 31* M
- - - - F^a.00
46 { 6^08, - \ - \ „
50 : 4 Bj - { - J „
136 I 1.90 - — i „
109 J 1 A, - - i „
192 1.60 A' 90 3 f „
179 ! 5.50 ! — ■ —
73 .13.50 - - J »
30 , 9JKJ J — — ‘f.133.60
26 2.30 1 25 7 B: „
16 I 17 - - j „
- — ! — - F.1OTJ30
- I — I — -I .,
143 ; 2J50 I 66.0 2.60 iF^lAO
299 { 0.90 [ 214 1 JO [ „
260 | a 40 ; — - I „
40 0j40 l 25 0.60a „
15 IX3J80 I
202 ; 5.90 i
372 : 2 JO
37 I 0.50 j
34 i 2 ;
36 i 8.70 B)
— — IS197*
- - F.S2
289 I 3.50
16 7
20 I 0.60
May
8683
G=CaJT
-1 - - F.15"1.60
Aug.
- I - | DM t <2 .90
BASE LENDING BATES
AJLN. Bank 142%
Allied Irish Bank 141%
American Express Bk. 14* %
Amro Bank 14* %
Henry Ansbacher 1-H%
Arbuthhot Latham ... 14*%
1 Associates Cap. Corp. 15 %
. Banco de Bilbao 14*%
BCa 14*%
Bank Hapoalim BM ... 14*%
- Bank Leunii (C7K) pic l*i%
Bank of Cyprus HiS
Bank Street Sec. Ltd. 16 %
Bank of NB.W. 14*%
Basque -Beige Ltd. ... 14&%
Basque dn Rhone et de
. .. ia Tamise SA. 23 %
Barclays Bank I4i%
Beneficial Trust Lid.... 15»%
Bremar Holdings Ltd. I5i%
Bristol & West Invest 16 %
Brit. Bank of Mid. East 145%
■ Brown Shipley 15 %
Canada Pernrt TrusL.. 13 %
Cavendish G'ty T*st Ltd-15*%
Cajaer Ltd. 15 %
Cedar Holdings ^
M Chanerhouse JapheL.. lo %
Choulartons *5 %
Citibank Savings Ho %
. Clydesdale Bank 14i%
C.E. Coates - v — J®. %
... Consolidated Credits— 14*%
’ Cooperative Bank *141%
Corinthian Secs — 14J%
The Cyprus Popular Bk. 14|%
•Duncan Lawrie — I4i%
' Eagil Trust HJ%
E.T. Trust 14*%
First Nat Fin. Corp.... 17 %
First NaL Sees. Ltd. ... li %
Robert Fraser 15 %
Grindlays Bank tl4}%
■ Guinness Mahon 14J%
■ Hambros Bank 14i%
Heritable & Geo. Trust 141%
■ Hill Samuel 5141%
C. Hoare & Co fl41%
Hongkong & Shanghai 14£%
Rnowsley & Co. Ltd. ... 15 %
Lloyds Bank 14i%
Mail inh all Limited ... 141%
Edward Manson & Co. 151%
Midland Bank 14*%
■ Samuel Montagu 141%
■ Morgan Grenfell 144%
National Westminster 14*%
Norwich General Trust 141%
P. S. Refson & Co. ... 14$%
Roxburghe Guarantee IS %
E. S. Schwab 14i%
Slavenburg’s Bank ... 14J%
Standard Chartered — !‘l*
Trade Dev. Bank 14j%
Trustee Savings Bank 141%
TCB Ltd. 14i%
United Bank of Kuwait 144%
Whi teaway Laidlaw ... 15 %
Williams & Glyn’s ... 14$%
Wlntrust Secs. Ltd. ... 14i%
Yorkshire Bank 14$%
■ Members of the Accepting Houses
Committee.
• 7-day deposits 12.50%, 1-fflpnrb
12.751*. Short term E8J»0/t2
months 15-10%.
t 7-day deposits on sums of £10.000
end under 124%. “P w £50-000
13% end over £50.000 134%-
t Ceil deposits £1.000 and 0 V*r
124%.
5 Demand deposits 124%- _
S^ft^Jay deposits ever £1,000 134%.
1 Mortgage base rate.
view of the future. The company
balance sheet remains strong,
they add.
There was no tax charge for
the six months (£404,000).
# comment
Raybeck has sensibly decided to
cut its losses at Bournes and
close the store down. It has
been a loss-maker almost con-
tinually since It was bought in
1978. However, last year's sale
and lease-back of the Oxford
Street property allowed the
group to eliminate borrow-
ings and put the balance sheet
Doreen’s major reversal
blamed on UK retailing
HEAVY LOSSES were incurred
by Dublin-based Doreen Hold-
ings, ladies’ outerwear manufac-
turer, In the six months to
September 30 1981. The pre-tax
losses were I£l-24m compared
with profits of I£365,000. No in-
terim dividend is being paid
against L25p last time, and no
final will be recommended — in
the previous year 3.05p was paid.
Mr Cedi Vard, the chairman,
says the deepening recession
daring 1981, and in particular in
the last few mouths, has sharply
reversed the group's fortunes.
He says the UK retail division is
responsible for a major portion
of the loss, and an anticipated
sales increase in the vital third
I quarter materialised as a sharp
drop.
Remedial action taken in-
volving shop disposals and re-
duction in overheads will have
an impact on 198233. Other sub-
sidiaries have performed
indifferently, with good trading
increases In some, offset by
steeply rising costs.
Group sales for the half-year
rose ftom £10.4m to £UL99m. The
pre-tax Joss was after interest
charges up from £209,000 to
£307,000. There was no tax
charge (£86,000). The attribut-
Dewhurst and
Partner incurs
£377,000 loss
Second half taxable losses of
£27,000, compared with profits
last time of £119,000, brought the
total losses for the year to
September 27 1981 at Dewhurst
and Partner to £377,000 against
£31,492 profits previously. Turn-
, over for the year fell from
£3-55m to £3 -04m.
! The dividend of this manufac-
turer of electrical control equip-
ment, is being maintained at a
single payment of 0.15p net per
lOp share — the interim distribu-
tion having been missed for the
past two years. Losses per share
are given as 4.91p (O.lp earn-
ings).
BURTON GROUP
The Burton Group points out
that at an extraordinary general
meeting held on January 14
last year certain amendments to
the company share option
scheme were approved by
shareholders. The amendments
to the scheme were designed
“to ease the restrictions on the
issue of options and to raise '
the individual participation
limit to a more realistic level.”
The amendments to the option
scheme also permitted -the board
to grant options during the four .
weeks immediately following
the passing of the resolutions
on January 14.
Options were granted to cer-
tain executive directors im-
mediately following the EGML
The scheme provides that the
subscription price for each
option ' is the middle market
price on the last dealing day
before the date on which the
option is granted. The middle
market price on January 13 1981 ;
was 92p. The board, therefore,
has no discretion whatsoever
in the fixing of the option price
and there was no preferential
treatment
J. W. WASSALL
Brook Hall has made further
share purchases in 3. \V. Wassail
on behalf of clients, bringing its
clients holdings up from 87,500
to 121,000 ordinary shares.
Last month, Benson Shoe, a
private retailer, announced that
following acceptances to its offer
for Wassail it owned 70.5 per
cent of the company.
INTERIM STATEMENTS
Company
Half-year
to
Abbey Ltd. Oct
Allied Colloids Oct
Boardman (K- 0.) Sept
CaJedm Cinemas Sept
Cantors Oct
Carrie Engs. Sept
Centreway Tst Sept 19L (83)L LO (1-0)
Cosalt Aug 5S0t (531) 2.33 (IS)
Courts Furnshrs. Sept 1.640 (1,030) L75 (1-75)
Danaelnv.TsL Nov 243 (276) 1-6 (L6)
Dixons Photo. Nov 6,080 (5.010) I-3S (131)
Ellis & Evcrard Oct SQ3 (701) 2.5 12.27)
Greene King Oct 2,920 (2,570) 2-4 (2.1)
Gresham luv. Tsu Sept 875 (6S6) -1-0
Hogg Robinson Sept 3,110 (2,320) 3.0 (3.0)
Hollas Group Sept 806 . ( S55 ) 2.0 ( 2 -°)
tones Stroud Sept 1,200 ( 685) 2.0 (2-0)
Magnet & Sthrns. Sept 10580 (11,900) 2.0 (2.0)
Paradise (B.) Oct 151 (20) 0.7 . t— >
Racal Electronics Oct 38,440 (26,530) L27 (1-15)
Ratners Jewellers Oct 234 (539) 0.67 (0.67)
Stead & Simpson Sept 810 (1,150) 1.0 (LO)
Symonds Engn. Sept 110 (86) 0.22 (0.22)
rhom EMI Sept 45500 (38,600) 4.05 (4.05)
Tomkins (F. H.) Oct 384 (208) 058 (0.5)
Wheway Watson Oct 41 SL (694)L — (— >
(Dividends in parentheses are for the corresponding period.)
* Dividends shown net except where otherwise stated, t For
35 weeks, t In I£. L Loss.
Pre-tax profit
(£000)
,630! (1.460)?
4,030
(1,990)
0.71
15
(243)
—
195
- (521)
2.0
147L
(825)L
—
. 985
(466)
1.3
on a sound footing. Raybeck is
going to need that base. The
second half will have to absorb
the substantial closing and re-
dundancy costs for Bournes as
well as the continuing fickle-
ness in consumer spending. The
company says trading brightened
up around Christmas leading to
hopes of an upward trend. But
the recent cold' spell must cer-
tainly narrow those hopes. The
group’s uncovered dividend
underlines its confidence, while
the shares at 40p gain some
thin protection from a historic
yield of 85 per cent and a net
asset value of 5S.4p per share.
Gresham luv. Tsu Sept
Hogg Robinson Sept
Hollas Group Sept
Jones Stroud Sept
Magnet & Sthrns. Sept
paradise (B.) Oct
Racal Electronics Oct
Batners Jewellers Oct
Stead & Simpson Sept
Symonds Engn. Sept
Thom EMI Sept
Tomkins (F. H.) Oct
Wheway Watson Oct
Interim dividends*
per share (p)
11.41)
(0.64)
t— )
(2.0)
(-)
(1.3)
(1.0)
(15)
(1-7S)
(L6)
(151)'
(257)
( 2 . 1 )
(0.95)
(3.0)
(2.0)
(2.0)'
(2.0)
(— >
(1.15)
(0.67)
(LO)
(0.22)
(4.05)
(0.5)
(— )
able loss was £1.64m (£268,000
profit) after minority credits of
£70,000 (£11,000 debits) and gross
extraordinary losses of £470,000
(ml). The loss per lOp share was
9-8p against earnings of 2J2p.
The employment maintenance
subsidy grant of £97,000
(£108,000) is included in the
trading loss. Extraordinary losses
are stated gross of tax and com-
prise exchange difference of
£67,000 and reorganisation and
closure costs of £403,000. The re- .
organisation and closure costs
relate mainly to shop closures in
the UK retail division.
Mr Vard says the problems of
loss-making in fne U2v retail
division and unacceptable cost
increases on other subsidiaries
are two major problems being
tackled by group management
The solution will have to be de-
cisive, however unpalatable, he
says.
“The group, predominantly
export orientated, simply has to
get its cost structure into line
with international norms,” he
says. “The rise is in the price
of government services, together
with the state headline of wage
increases are a direct attack on
the group's competitiveness and
the security of employees.”
Dualvest net
assets rise
Net assets attributable to
capital shareholders of Dual vest
rose to £11.54m at December 3L
1981, against £10-2m three
months’ earlier. Net asset value
per capital share increased to
5772, compared with 509J at
September 30 1981.
Value of net assets, including
investments at valuation, was
£16.04xn (£14.7m), less £45m
(same) income shares at par.
SPAM
Pric«
January 15 +or—
Banco BWbao 343
Banco Central 350 +5
Banco Exterior 31*
Banco Hispano 328
Banco /nd. Cat 115
Banco Santander 362 +5
Banco Urquijo 216
Banco Vizcaya 315 -1-5
Banco Zaragoza 225 +2
Dragados 140
E&psnoJa Zinc 60
Fecsa 61
Gal. P red ados . — 43
Htdrola 67.0 +0.3
IberdueM 54 —1
Petinleos .. — .......... — 92.5 —0.5
PetroHber : — 99
Sogefiu 33
Teletomca 72
Union Beet 65 —0.2
“PENNY SHARES”
Monthly atjvicB on low priced
shares, which to buy and
whan to aell.
For full details and a
FREE COPY write:
THE PENNY SHARE GUIDE
TIF Btomfield Street
London EC2M 7AY
THE THING HALL
USM INDEX
1145 (+0.2)
dose of business 15/2/82
BASE DATE 10/11/80 100
Tel: 01-638 1591
Diamond Stylus
falls deeper
into deficit
The difficult trading conditions
reported by the board ofMbe
Diamond Stylus Company at the
annual meeting m August, have
continued, and net losses for the
half-year to September 30 1981
have increased from £59,572 to
£119,374.
Turnover of this manufacturer
and distributor of diamond-tipped
gramophone styti fell from
£864,689 to £810,044. No dividend
is again being paid.
The directors say Elgin
Diamond Products (Europe)
suffered from the still severely
depressed engineering industry
in the tTK, but there seems to be
signs of a slight improvement
and they hope that this will con-
tinue.
The Diamoiyl Stylus Company
is still finding trading difficult
and most competitive and here
again they hope that consumer
spending will improve.
FAITHFUL/ORDELMAN
EN ZONEN BV
Faithful GB, the Worcester-
based workwear and safety
clothing manufacturer has
acquired the Dutch workwear
company J. Ordelman en Zonen
BV.
Lake & Elliot
foundries
perform well
Severe over-capacity continues
in the steel foundry industry, but
Mr Peter Edwards, chairman of
Lake and Elliot, says in bis
annual statement that both
foundries in the group performed
profitably and very creditably
despite shortrtime working for
much of the last financial year.
He says the group is actively
pursuing further acquisitions of
companies whose business would
bring about a greater spread, of
opportunities in areas with
growth potential. In August the
group set up a joint venture in
south-east Asia with a Singapore
company. Commercial operations,
began in October.
Starting with a minimal invest?
ment, Mr Edwards says this com.
pany is expected to expand
during the coming year, taking 1
advantage of a wide and growing
market- It is already beginning
to bring a welcome volume of-
new valve enquiries to the
group's Hindle Cockburns works
in Leeds and Holland.
As known, pre-tax profit for the
14 months to September 30 1981
-were £917,000 compared with
£230.000 for the 12 months to
July 31 19S0. Shareholders*
funds were £12 .47m (£12.13m)
ri
3
S!
Readers who are covered for their homes,
contents, and cars with us are assured of our
prompt attention for claims arising from the
recent adverse weather conditions.
Any enquiries should be directed to your local
Prudential office, broker, or telephone us on:-
BREASTfll12
BIRMINGHAM 23HBW
BLACKPOOL 2BB0T
BRIGHTON 297S
BRISTOL 297E61
CAMBRIDGE 83331
CARDIFF Z7SS
CHESTER 2BZZ1
CROYDON 6865391
DUNDEE 257875
EDINBURGH 55S 8293
EXETER 73QMH
GLASGOW 221-5277
LEEDS MB1D1
□MW 29533
LIVERPOOL 227-4455
LONDON 748 4601
MANCHESTER B32-E931
NEWCASRE 811091
NOTTINGHAM 4830
SOUTHEND-ON-SEA 339 333
WATFORD 41383
YORK 58871
Prudential
Britain's best known insurance company
CLAVERHOUSE INVESTMENT TRUST p.I.c.
Financial Statement for Year to
31st December CUnaudifcci)
1981
1980
Revenue before tax
£950,101
£933,242
Earned per share
6.58p
6.50p
Interim dividend per share . . .
2.25p
2.25p
Pinal dividend per share
4.3Gp
4.25p
Net Asset Value per share ...
167.16p
154.96p
Valuation of investments: £16,917,956
Manager:
ROBERT FLEMING INVESTMENT MANAGEMENT
LIMITED
MARTIN CURRIE & CO.
INVESTMENT TRUST COMPANIES AT 31st DECEMBER 19R
Gaooraphical Spread
Assets
less Current
Liabifttiss
£mUon
UK
%
North
America
%
Japan
%
Other
%
14J)
48
41
8
5
24.6
59-
28
9
4 i
130.5
SI
35
•11
3
30.6
45
39
12
4 :
71.7
55
31
12
2
Net Asset
Value
prior charges Share Grass
' at par Price YleW
Total Return
on NAV (base-1 00)
(Source :Wtood
0 46 41 8 5 Canacfian & Foreign Inv, Tst 201.6 180 4.4 182J2 I -
6 59-28 9 A StAndrewTst 206.0 157 5.7 179.0 V
5 51 35 -11 '3 Scottish Eastern Irrv.TsL 114.5 77 6.0 175.7 1
6 45 39 12 4 Scottish Ontario Imr.Tst 108.0 81 5.6 163.1 V
7 55 31 12 2 Securities Thist of Scotland 151.4 105 6.7 171-7 1
29 CHARLOTTE SQUARE, EDINBURGH EH2 4 HA. TEL 031-225 3811
Price
Yield
Macfcanzie&Co)
p
%
5yre
lyr
180
4.4
182J2
112.4
157
5.7
179.0
112.3
77
6.0
175.7
113.9
81
5.6
163.1
113.6
105
6.7
171.7
114,6
Financial Times Saturday. January 16 1982
Companies and Markets
NEW YORK
Jan. ' Jan.
Stack *4 15
ACF Industries. 36* ' 36*
AMF. 22% 22*
AM Inti * 4 j
ARA... ■ 26* fS *
ASA. . 39'S 38 ‘7
AVXCarp 13% 1 ISafi
Abbott Labs 26 jh 25<fl
Acme Cl eve.. . . 31* 21%
Adobe Oil & Gae.; 35 * 24 . a
Advanced Micro. 15% . 15' a
Aetna Life ft Gas' 4 Its. 413b
A h man son <H.F.i 13. , 13*
Air Fred & Chom 35* 35*
Akzona 10 ' 10
Albany Int ' 25% 25*
Alberto-Cuhr. 11^ l|
Albertson’s 25 ' 25
Alcan Aluminium 20% 20*
Alco Standard....: 17-* 15%
Alexander ft Al... ; 24* • 24«?
Alegheny lntl 27 ; 27*
Allied Cerp . . 42% : 42 1?
Allied Stores. ... . 26 la 1
AJhs Cbalmers. . I4i a 15
Alpha Portd 10:3 . HU
Alcoa.. 24* ' 24
Amai. Sugar 47* ’ 47*
Amax - 38* 40 U
Amerada Hess...' 21* 21*
Am. Airlines. .. . 9* ■ | a
Am. Brands 35.g ' 35*
Am. Broadcast's 33 . 32. a
Am. can 31* 32
Am. Cyanamid ... 25% 4.5
Am. Elect. Fowr. 16* J6J*
Am. Express.. .. 41* • 41 s
Am. Gen. !n;ncc. 40* 40*
Am. Hoist * Dir . 151 4 15
Am. Home Prod.. 35 a5*
Am. Hosp. Suopy: 37s r . 37 %
Am. Medical loti. 24 23 *
Am. Motors. . 2's 2*
Am. NaL R races. 35* 34-s
Am.Petfina ... 57 55*
Am. Quasar Pet.. 10 11
Am. Standard . . 26 26
Am. Stores. .. 27* 27*
Am Tel. & Tel.. Sfl'i 59%
AmetcK Inc.. 29 .'a 29*
Amfac . 27 27*
AMP 4o J « 46=4
Amstar 25* 25*
Am stead Inds 34 I, 337®
Anchor Hockg... 17 u 17
Anheuser-Bh .. . 39 58*
Areata 38* 38%
Archer Daniels.. IT* 17*
Armco 23% . 24*
Armstrong CK. .. IS* 14%
A camera Oil... . 11* 11*
Asarco 21* 21*
Ashland Oil 28* 28*
And D Goods.... 25 1 ? S3 it
Atlantic Rich 41* 41 *
Auto-Data Prg.... 247r 25 1
Avco — 18* IB*
Avory Inti 24* . 24
Avne! ; 43* 44
Avon Prods 28* 28*
Baker lntl 321s 52*
Balt. Gas * El.. .. 22 ’1 23 >t
Bancal Trial. 261:- 26*
Bangor Punta. ... 18* 18*
Bank America. .. 13 * 19
Rank Of N.Y. . .. 40 * 39*
Bankers Tat-N.Y. 29* 30*
Barry Wright .. 16 15%
Ecu sc h & Lomb.. 47* 46 1»
BaxtTravLab. .. 32* 32*
Beatrice Foods.. 17* 17*
Beckman Inotr. 41* 39 *
Beker Inds . . . 65* 6*
Gall Ac Howell.. .. 19* ' 19. i
Bell Industries... IS* . 15.%
Bendix 54* • 54*
Beneficial 18* IS*
Beth Steel 22 21*
Big Thee Inds.... £6 27
Black ft Decker..' IS* ' 14*
Block HR 34s* S4*
Blue Bell 245 m ; B4 5»
Boeing 20* £Q*>
Boise Cascade . . 51* . 3 1
Borden 27 * 27*
Borg Warner 26% 27*
Branllf Inti 2% 2*
Briggs Stratn .... 23* 23*
Bristol-Myers.... 52* 51*
BP .. 21* 21*
Brockway Glass.. 13* 13-*
Brown Forman E 28* 28*
Brown Grp 27* 27
Brown & Sharp.. 18* 18*
Browng Ferris.... 29* 39*
Brunswick 18 17*
Bucyrus-Erio . *20 17*
Burlington Ind . 24 23 *r.
Burlington Nrthn 49* 491 *
Eumdy 17* 1 175;
Burroughs. 33'* 53*
GBI Inds 38 38*
CBS 44* . 47*
CPC lntl 55* 35%
CSX... 53m 52 14
Campbell Rod L. 13 12
Campbell Soup... 34% 33*
Campbell Tagg _ 21% 21%
Canal Randolph.. 26* 26*
Can. Pacific 5 1 % 52 *
Carlisle Corp ... 28% 27*
Carnation 27% 28
TochCarp 41* 41*
Carter Hawley....
Caterpillar
Celanese Corp....
Contex
Central 4 Sw
Central Soya
Central Tel Util...
Carta intend
Cessna Aircraft..
Champ Home Bid
Champ Int
Champ Sp Plug..
Charter Co .
Chase Manhattn
Chemical NY ...
Cheese Pond
Chicago Pneum..
Chrysler.
Chubb.
Cincinnati Mil... .
Citicorp
Cities Service...
City Invest. . .
Clark Equipment
Clave Cliffs Iron.
Coro x
Cluett Pcaby.. . .
CocalCola -
Colgate Palm.. ..
Collins A 1 km an . 1
Colt Inds
NEW YORK
stock
; Jan .
! 14
Jan.
13
Stack
Jan.
1 14
Jan.
13
Jar. Jan.
| Stock 14 ' 13
WORLD STOCK MARKETS
Columbia Gas,.... 895* -; 39*
ColumbiaPict 41* 42*
Combined Int....: 21* 21
Combustn. Eng ... 32* 32*
Cmwith. Edison..; 19* ■ 20
Comm Patents 6D | 59*
Comp Science. ..=
Cone Mills
Conn Gen. Inn....-
Conrac...
Cons Edison ;
Cons Foods-........'
Cons Freight
Cons Nat Gas
Consumer Power/
Cont Air lines....:
Conti Carp
Conti Group
Cont. Illlonis
Conti Telep.
Control Data..~.'
Cooper inds. . .
Coon Adolph
Capperweld
Corning Glass
Corroon Black. .
Cox Broadcast's.'
Crane
Crocker Nat ,
Crown Cork ,
Crown Zell 1
Cummins Eng. ..
Curtiss- Wright....
Damon
□ana
Dart & Kraft. . ..
Data Gen
Dayton-Hudson.. ;
Deere
Delta Air
Denny's
Dentsply lntl ..|
Detroit Edison. ..j
Diamond lntl 1
Diamond Shank..
DiGiorglo
Digital Equip. ...1
Oiflingham i
Dillon . . I
Disney 'Walt' ...I
Dome Mines. ...|
Donnelly iRR'
Dover Corp
Cow Chemical....!
Dow Jones. |
Drosscr 1
Dr. Pepper j
Duke Power. 1
□un ft Brad J
Du Pont h
EG ft G—
34* 13*
88* 28*
48* 48*
24 - 24
31% 31*
30 30
38% ' 38%
46' I 46 -
17% ' 27*
4 4*
24* [ 24%
31* I 317 B
31% ; 31*
15* j 15*
33 r 32
48 1 48
10* : 10*
35% . 35*
47% , 48%
20 % - 20 %
33* - 31*
S3* . 33
29* ; 28*
29% > 29*
26* 26
347s 35*
37% 38
6* 7
36 97*
48 : 6 i 49%
51 I 50%
37 267 B
34* , 33*
23* . 23
27% I 38
Easco '
Eastern Airlines.
Eastern Gas & F.
Eastman Kodak. 1
Eaton
Echlln Mfg
Eckherd Jack . ..
Electronic Data..
Elect. Memories.
El Paso
Emerson Elect. ..
Emery Air Fgt...-
Em hart
Engolhard Corp.
19% i 20
6% 5*
21% 21*
69* 69*
29% 1 29%
1173 12*
23% 23%
21% 21*
2% • 3
25* • 25%
42* 41 7j
12% 12*
31* 52
24% 23*
Enaerch I 25 *
Envirotaeh ' 14*
Eamark. 50*
Ethyl 82*
Evans Prods 16%
Ex Cell O 23«2
Exxon 30 lq
FMC. 85%
Faberge ' 157 b
Fodders 37s
Foderal Co ■ 21
Federal-Mogul. 21*
Fed. Nat. Mort. .. 7*
Fed. Paper Brd... 27*
Fed. Resources .. 1*
Fed. Dep. Stores.. 34 is
Firestone
1st Bank System
1st Charter Fin...,
23%
23%
12%
12*
32%
32%
9%
9%
I8i a
18%
33
32%
32*
327 a
13%
: 13*
42
42*
3
3%
2*
2*4
10*
107a
145,
141a
51
52%
53%
55
23%
23*
13*
13r*
115,
11*
291:
39%
11%
11*
20*
19%
2*
21 +
17%
17*
6*
7i?
6%
8*.
53*
63*
48 ij
48%
3 li-
31
re*
29%
Florida Pwr ft L. 28*
Ford Motor ... . 17%
Foremost Mck-... 35*
Foster Wheeler.. 13*
Freeport McM..- 20*
Fruehauf 18*
GAF 14
GATX 31*
Gannat—:
Gelco
Gen Am Invest ..
Gen Cinema. . ..
Gon Dynamics ..
Gen Electric. ...
Gen Foods.
Gon instrument.
Gen Mills
Con Motors
Gon Portland ......
Gen Puo Utilities
Gen Signal . . .
Gen Teicp Elec .
Gen Tire
Genesee
Genuine Parts. .
Georgia Pac —
Geooouree
Garbos Prod
Gt At/, Pac. Tea.' 3*
Gt. Basin* Pot ' 3%
Gt.Nthn.Nekoosa 34%
gl West Fi nancl. 12
Greyhounds ‘ 14*
Grumman 24%
Gulf & Western-. 15*
Gulf Oil..
HallfFBi -
Halliburton
Hammermill Ppr
Hendleman
Hanna Mining.- .
Narcourt Braco..
Harnischfeger
Harris Bancp
Harris Corp
Harsco —
Heoia Mining
Hemz 1 HJ 1
Heller lntl
Hercules.
Hershey.
Heublein
Hewlett Pkd- ..
Hilton Hotels
Hitachi .. .
Holiday Inns
Holly Sugar
Homestake
Honeywell
Hoover
Hoover Unlv.
Hormel Geo.. .. ..
Hospital Corp.. ..
Household lntl...
Houston Inds
Houston Nt Gas...
Hudson Bay Mng
Hughes Tool
Humana ......
Husky foil)
Hutton l EF;
IC inds
INA Corp
lUInt
Ideal Basic Ind...
Ideal Toy
IC1ADR
jmp^Corp- Amer
Ingersoi Rand....
Inland Steel
Intel
Inter First Corp..
(nterfake
1 InterNorth
IBM
lntl. Flavours ..
Intf. Harvester ...
Int, income Prop.
Int Paper.
Int. Rectifier
Int Tel * Tel
Irving Bank.- . .
James <fs>
Jeffn-Pilot
Jewel Cos
Jim Walter
Johnson Contr....
Johnson & Jns. ,
Johnthan Logan.
Joy Mnf..
K. Mart
Kaiser Alum
Kaiser Steel
Kaneb Services..
Kaufman Brd.. ..
Kay Corp
Kellogg..
Kennametai .. ...
Kerr-McGee
Kidde -
Kimberly- Clark./
King’s Dept. St .
Knight Rdr. Nws.
Koppors
Krochler
Kroger
LTV
Lanier Bus. Prod
Lear Stagier.
Leaseway Trans.
Lenox
Levi Strauss .. ...
Levitz Furntr
Libby Owens Fd.
Lilly 1 Ell*.
Lincoln Nat «... .
Litton Inds
Lockheed
Loews.
Lone Star Inds ..
Long* Drug Strs.
Louisiana Land «
Louisiana Pac. ..
Lowenstein
Lubrizol
Lucky Strs.. .
M.ACom. Inc . .
MCA
MacMillan
Macy
Mfcrs Hanover..
Manvillc Corp. ...
Macco
Marathon Oil.. .
Marine Mid.
Marriott
Marsh McLcnn...
Marshall Reid. .
Martin Mtta
Maryland Cup.. .
Masco
Massey Fergn.. .
Mass Multl-Corp.
Mattel
May Dept. Strs.
Maytag
McCulloch . .
McDermott .J R'.
McDonalds...
McDonnell Doug.
McGraw Edison.
McGraw-Hill. ... .
22
"O
Getty Oil
57
57%
Mead
22
27
26*
Giddings Lewis .
19*
20
Media Gon! . .
35 J7
29*
29%
Gillette
31*
33%
Modtrome _.
55
10*
10%
Global Marine.
IS*
187-
Mellon Natl. -
55
14%
14*
Goodrich iBF-.. .
19%
20%,
MbMIo- .....
3a
as
35k;
Goodyear Tire...
la
16: «
Mercantile Sts .
54 %
ie.%
Ib-V
Gould
21*
21%.
Merck
eo %
11!-.
111 -.
Grace...
40'-.
42%
Meredith...
57 %
23*
23%
Grainger .ww ( . .
361+
37
Merrill Lynch....
31*
MGM **l
Metromedia 157
Milton Bradley... J®*
Minnesota MM ... 62*
Missouri Pac 'g*
Mobil Z2%
Modern Morchg. '*
Mohaaco J2%
Monarch MiT If*
Monsanto ® 5f *
Moore McCmrk.. 26*
Morgan «JP.> 5*58
Motorola 52*
Munslngwear 14*
Murphy/GS' 13*
Murphy oil • SB*
Nabisco Brands.. 89*
NaieoChani 48%
Napco Industries 21ss
Nat. Can j 19*
Nat Detroit 23*
Nat. Disk Cham...' 32%
Nat. Gypsum 19*
Nat. Medical Ent 17%
Nat. Semicductr.. 15*
Nat. Service ind. 23*
Nat. Standard....' IS
Nat. Stool— ! 287 b
Natomas-.. .. 21 %
NCNB 14*
NCR_ 39
New England El. 24*
NYStataE AG... 14:,
NY Times.. 34*
Newmont Mining 37%
Nrag. Mohawk..... 18*
NICORInc 33
Nielsen fACi A,.... 46*
nl industries... . 33
NLT.. 21*
Norfolk A Westn 49*
Nth. Am. Coal. 24*
Nth. Am. •'Philips. 36*
Nthn.Stato Pwr.. 24
Northgate Exp .. 4*
Northrop 43
Nwcst Airlines.. 24
Nwcst Bancorp.. 23%
Nwest Inds 73%
Nwestn Mutual . 1 10%
Nwestd Steel W. 24*
Norton. . . . . 39i;
Norton Simon.. 18*
Occidental Pet . 22%
Ocean Dnll Exp.. 25*
Ogden 94*
Ogilvy A Mrttw. 31*
Ohio Edison Il 7 a
1 OJin 22 *
1 Omark. .. . 175^
Onock 2 ? 7 5
Outboard Marine 19%
Overseas Ship.. . - 15*
Owena-Corning .. 2 1 %
Owens-Illinois 2 a
PHH Group 21%
PPG Inds 34 1 3
Pabat Brewing. 14
Pac. Gas & Elect. 20%
Pac. Lighting 24%
Pac. Lumber. . .. 23*
Pac. Tel A Tel. . 19*
Palm Beach. 24
Pan Am Air 3*
Pan. Hand Pipe. . 30 *
Parker Drilling .. 16*
Parker Hanfn 20
Peabody lntl ... . 6 %
Penn Central.. .. 38*
Penney <JCi 27 m
Pennzoil 39*
Peoples Energy.. 7%
Pepsico.. . . 35 1 j
Perkin Elmer. . 24
Petrie Stores ... 21
Petrofane.. .. 157,
Pfizer 1 51%
Phelps Dodge 32
Phila. Elect 13%
Phil bra * 24*
Philip Morris 1 46%
Phillips Pet 35*
Pillsbury. 39
Pioneer Corp ... 26
! Pitney-Bowes ’ 22%
Pittston.. J 22*
Planning Ras'ch. 5%
Pie— ey 67*
Polaroid 197,
Potlatch 25*
, Prentice Hall .. 237*
Procter Gamble. 79*
Pub. Serv. E A G. 18*
Pub. S. Indiana.. 20%
1 Purcx ' 35
Purolalor ... 34
Quaker Oats 33 -a
Quancx.. .......... 17*
Queator 8 %
RCA 167b
Raison Purina ... ID;
Ramada Inna.. . 6
Rank Org. ADR.. 3*
Raytheon 55*
Reading Bates 20%
Rodman Inds ll*
Rocvci Bros. 4 gi t
Rcichhold Chom 11
Reliance Group..
Republic Steel.
Rep of Texas ....
Resch Cottrell. .
Resort lntl A. . ..
Rcvco -DS' .
Revere Copper...
Revlon ... -
Rcxnord . . ... ..
Reynolds 'RJ' . . .
Reynolds Mtls...
R<tc Aid
Roadway Exos
Robbing 'AH-
Rochester Gaus.
Rockwell lntl . ...
Rohm A Haas .. .
Rollins.
Rolm
Roper Corp.. .
Rc.van
Royal Crown
Royal Dutch. ..
Ruooermaid
Ryan Homes. .
Ryder System .
SFn Compar.ics..
SPSTcchnci'S'es
Sob*no Corp
Safeco
Safeway Stores .
St. Paj! Cos.
St Rep'S Paper..
sa-.:e fc inds.. .
Saul Invest .
Saxon Ind*
Severing Plough
55*
35
20i 3
20
11*
11%
49*
49
11
»»»*
101
101
24%.
24%
55»j,
56
13*
13 Jr.
15%
15 Jo
S3'-:
23%
15
!5*
30
30*
14*
14*
44 is
43*-i
23 *
23-a
28
28%
36%
36*
11*
11%
15*
15*
38 1
23 a.
56*
56*
15*
1&*
30*
30*
1C
12+.;
13*
12%
:4%
14 J?
32*
5 1 3 j
36%
56*
16%
17
24%
24%
la j,
IQ*
22 *
Z2--.
30 V
SO
57-i
58
27
26*
48%
4B>
38 ft
29'
18 i
1C!:
7 ■ a
4%
4';
28
27%
£chiitz Brew J
Sohlumbergor ...
SCM«
Scott Paper
Scudder Duo V ..
Seaoon
Saagram
Scaled Power...
Scarle'GDi
Sears Roebuck .
Security Pae
Sad co
Shell Oil
Shell Trans ...
Sherwm-Wms.. .
Signal.
Signode
Simplicity Patt..-
Skyline 1
Smith lntl
Smith KJme i
Sonesta lntl >
Sony, I
Southeast Bankg
Sth. Cal. Edison..
Southern Co
Sthn. Nat. Rev ..
Sthn.N. Eng. Tel.
Sthn. Pacific
Sth. Railway :
Southland !
SW Bancsharev.
Sperry Corp.
Spring Wllls^
Square D
Squibb
Std. Brands Paint;
Jar, ' Jan,
14 "13
11 » r ’-o*
iQf« • 49*
21 * ■ 21
16 1 157 S
12 * 12
19% 19*
547, 54%
30 7g ' 30%
29* i 30%
167; , 16*
37% - 38
30* ! 50
367, •' 561»
27* 27V
IS* 187 B
25- ; 24*
551, ' 347,
9% 9%
■ i2%- iats
121, 15
40 39*
60* 59*
10 * ! 10 *
16% ; is*
26% ■ 16*
28 r, !' 28*
Hi, 12
28% , 28%
41% ! 41*
35 347,
88* i 88%
50* '! 30 *
30% l 30%
SI* ■ 31*
23% 1 23*
27% I 27%
30* I 30%
24* : 24%
N
Std OH Cllfornio.
Std Oil Indiana.
Std Oil Ohio..
Stanley Wke.
Stauffer Chem ..
Sterling Drug
Stevens
Stokeiy Van K._
Storage Tech..
Sun Co
Sunbeam
Sundstrand .. .
Superior Oil
Super Val Strs. ..
Syntax
TRW '
Taft
Tampax
Tandy .. . .
Teledyne . .
Tektronix
Tennaco
Tesoro Pet
Texaco. . ..
Texas Comm. Bk
Texas Eastern..
Texas Gas Trn. .
Texas Inctr’m'tM.
Texas Oil A Gav.
Texas Utilities.
Textron
Thermo Electro..
Thomas Betts.. .
Tidewater. . .
Tiger lntl
Time Inc. . .
T mes Mirror.. ..
Timken . .
Tipperary.. . .
Tonka
Total Pet . . .
Trane
Transamerica .
Transway
Trane World . .
Travelers
Tncentrol
Trl Continental .
Triton Energy.. ..
Tyler
UAL .
UMC India
Unilever N.v . . .
Union Camp..
Union Carbide. .
20* ' 2D*
141- I 14*
22* I 22*
IS* 16*
U* 11*
60 . 60
45%-- 45%
. 47! j i 47*
’Jmon Oil Cal
Union Pacific.. . .
Unirgyal
Untd Brands .
Utd. Energy Rev
US Fidelity G
US Gypsum .. . .
US Horne
us inds '
US Shoe
US Steel
US Surgical
US Tobacco
U8 Trust
Utd. Technolg*..
Utd Telecomms.
Upjohn
VF ’
Vanan Asiocs
Vermtron . .. .
Virginia EP
Vulcan Matris.
Walker 'H- Res 1
Wal Mart Stores.
Warnaco . . .
Warner Comma.,
Warner-Lambt...
Washington Port.
Waste Mangt. .
Wol» Mkta.
Wells Fargo..
W. Point Peppi .
Western Airlines
Wostn, Nth. Amr.
We,ti nghouse -
Westvace ..
Weyerhaeuser, .
Wheelabratr F.
Wheeling Pitts „
Whirlpool
White Consoltd..
WhtKaker
Wicves
Williams Co..
Winn-Dixie Str. .
Winnebago .
W:ac Eloc Power
Wool worth
Wngiey
Wyly .
Xerox ..
Yellow Frt 3ys.
Zapata
Zenith Radio.
31* ' 31%
451 4 44*
6 % 6 *
10 % . 10 %
34% 35
39* 40
30* ' 30 m
12 1 * 1 12
9 ' 9
28 ' 27%
26* 26 1 1
16% 1 16%
43* ' 43*
35* 1 33*
39* 397;
18% 18*
51* 51*.
37* 38%
37% • 27%
III* • 107,
Indices
-DOW JONES
Jan. Jan. Jan, - Jan. Jan. Jan,
14 IS 12 11 8 7
Since CmplTl'n
Trading Vol
000-7
- 43.110 4S.EM 51,900 4*030 43,410
High
LOW
High
Low
1 IDM.Ob
R4.DI
1 051.70
41.22
i27-Si
•25 9i
■ l*1.7Si r4-7.K
f 65.73
51.93
—
-■15.IS1
.1 10.
! M7.U
335.43
447.35
12.23
• IS . 4,
.25-9.
1 16-4' B I ■
18 7'52i
1 17.31
I0U8
165.53
I0.S
'5.1 81. .
■28 Si
■28.4; 63-'
28.4 42.
._
_
ADay'S high 848.36. low 834.09.
Jan. 8 Deo. 31 Doe. 24 Year ago approx
Ind. div. yield ^ — - — — —
B.S8 6.32 6^35 5,61
STANDARD AND POORS
1981-82 Since Cmpil't n
Jan, Jan. Jan. Jan. Jan. Jam * —
14 13 12 11 8 7 High Low High Low
IndUSt’JS... 129.17- 126,42 129.97, IJO.ST 13536' 132.95 1 sV‘(b" 125. sV ~1hL95 i.^2
■6-1.61 ■ <26.9. 1 1.80 >30-6 32'
Composite 115.64 114.63 116.50 116.75 119.S5 116.93 138.12 112.77 140.52 4.4B2
: <6-‘1-81: i».'8* -26.1130 >1-6 «
ind. div. yield %
ind. P E Ratio
Long Gov. Bond yield
NY. S.E. ALL COMMON
J.m. Jan. Jan. Jan. --
14. 13 12 11
Jan. 6 .
Dec. 30
Dec. 25
Year ago 'approx
6.50
5.35
5.55
4.39
8.04 .
8.26
8.24
9.32
14.15
13.71
15.60
11.52
FRANCE
CAC General i=S 12 61 11J2 24.2 34.2 35.0 '1J.5 -f7 3 77.5 . IS 6.
Ind Tendance 51 12 :1 106.23 103.3 10S.« 104.1 106.2 . 13 162. f'7.7 |4 . 1 ;s,
GERMANY
FAZ AKti«n i 1 '2‘a. 2I6.ES 213.6B 721. 12219.97 ?4j.47 >5 7. 2i5.tR -3 2-
Commerzbank Dec 1333 S€6.« 670,9 674.6 670.6 743.0 '65.4 . 16 J.
HOLLAND
ANP-CBS General ■' ! 270. F?.J0 24.0 S«.o EA7 56.r. iZD D> 74.- 2S 3-
ANP^SS latfOSt W5. 65. -'3 S5.3 65.7 MTS 76.4 -216 1 f-1.4 ,22. i;.
HONG KONG “
Hang Seng Bank. 5*7 64 1410.4E 13S6.82 14CSJ>7 1445.:: 1310,;0 ■** 7- 1112.77.3.10,
ITALY ,
Banea Comm ltaL.1373 1EE.B1 1S4.7J 1B1.4S 181.67 :?:.0jo6. 165.44,24.7.
JAPAN**
Dow Average 1 f 42 IC rCfij-.G; |'6;5.65 76Jf.77 6013.14 ■ 17 5. 6?5f.s} ili-J.
Tokyo New SE 4 1 6a. -c- 5" 5. 27 564.11 363.43 605,32 - 17. S> 455.73 0 >61.
Rises and Falls
Jan. 14 Jan. 13 Jan. 12
NORWAY
Oslo SE .1* ^
135.73 114.57 724.7! 123.62 145.72.6-8 110.11 1 1t:-
Issues Traded..
1.S44
1,667
1,866
Rises
. 719
389
466
Falla
666
1,096
1,036
Unchanged ..
459
382
566
New Highs
5
7
6
Naw Lows
- 90
114
121
SINGAPORE
Straits Times 1358 771.00 761.E3 776.41 JS3.75 B1S.26.I3;
SOUTH AFRICA
Gold .l»5i
Industrial ;1S=3.
510.3 524.5 5M.C 737.6 .M (I- 475.5 3(7
706-4 706,1 705.3 711,7 •£ I-??. W.2,5 2'
MONTREAL
Jan, Jan. Jan. Jan.
14 13 12 11
industrials 515.87 512.78 518.55 5(3.76 405.66 (27 6,
Combined 297.16 C97J28 101.56 504.46 575.68
510.21 (25 ’5)
295.97 [23:9,
TORONTO COmpcM te. 1805.4 I, SO 1.0 1835-4' 1856.8 257B.B nQ.4i ■ 1,301.1 1 15;l-32i
NEW YORK ACTIYE STOCKS
SPAIN
Madrid SE'33 13'Oi 102.34 102.50 10 LK '<01.55 102.5: 15 I 42. 93.17 .j 1 «.
SWEDEN
Jacobson & P. r> >55 634.53 M5.63 642.76 637^5 660.51 ■ IB-B. 404.17 >29:I.'5fl
SWITZERLAND " "
SwmsBar.kCofi..51'12.53 !60.10 260.7 "61.9 261.8 ?D4.2 <2 4. 2,5.5 r|7-lli
Thursday
Sloe 1-9 Closing
Change
on
Starts Closing
CiflitjO
cn
Mobil
traded
.. 631. 6G0
price
22%
day
- i
Enron
traded
313.400
price
30*
day
.. 866.709
a*
+3
S. Oil Ohio .
.. 453.300
27
- ^
4TT . . .
664,300
= » SK
J a
Smnhfclme
425. TOO
61 >4
+ 2>.
IBM
. 360.000
Cam Soup
.. 071.300
7-4*.
+ 15^
Gl. Wat Fin. .
. =77.703
12
* \
Gen Motors
. jBj.SOO
39
+ 1
WORLD
Capita? lntl. LI-7E'
153.7 149.8 1«.7 152.E fi.I-31- 13S.8 -JB-9i
. /"*> Sat Jan 9; Japan Dow 7.525.S5 TSt 5EJ.3J.
Bess valuta ol alt indices a» ICO excom Australia All Oicinary and Mauls—
SCO: NYSE All Comon— SO; Sundatd end Poors—' 10: and Toronto — 1,000: the
last named baaed on 1975. 1 Excluding bonds. i 430 industrials. 5 4Q)
industrials plus 40 Guliuos, 40 financials and 2D Transports. « Closed,
u Unjvoilabla.
Rallv continued on Wall
i/ _ . «•
THE BUILD RALLY continued
on Wall Street yesterday amid
expectations that the Weekly
Money Supply figures will not be
as hi^ii as originally expected.
By 1 pm the Dow Jones Indusr
trial Average was up another
2.84 to 845.22, reducing its loss
on the week to 21.31, while the
NYSE All Common Index, al
S67.26, firmed 30 cents on the
day but was down S2.10 on the
week. Advances led declines by
a seven- to-four majority in a
volume of 31.34m shares.
Analysts said the M-l measure
of the Money Supply, to be
announced after the close, is now
expected to rise about S2bn to
S5bn, whereas earlier in the
week estimates had placed the
gain at S3bn to SSbn.
Investors have got some
encouragement from the slight
rise of 0.3 per cent in Wholesale
Prices last month, compared
with an 0.5 per cent rise In
November.
The lower rate was read as an
indication that inflation is
moderating, which could take
some upward pressure off
interest rates.
But some analysts said news
such as Fords decision to omit
its quarterly dividend payout
and the prospects of dismal
caroings reports have clouded
the investment picture.
Some or the Energy stocks
were very strong, led by Phillips
Petroleum, which advanced $2J
in S37i in active trading — the
company said it could not
explain the rise in its slock.
Earlier in the day it announced
thal capital spending this year
would be cut to 52.2bn from
S2.5bn last year.
Other gainers in the Energy
Group included Tesoro,. up SI i
to S221 in heavy trading.
Geosource SI to S41 and Petro-
leum and Resources S2; to $34}.
Cannon Mills jumped S44 to
$39 following news that Pacific
Holding Corp. raised its take-
over bid to S44 a share from S40.
Closing prices for North
America were not available
for this edition.
CANADA
Bucyrus-Eiie dropped S3 to
$191 after saying that it held
no talks with Xnternorth Corp.
and cannot explain the activity
in its stock. Bocyras moved up
S3 Thursday on takeover
THE 0U AMER3CAN SE Market
Value Index rallied 2.2S to 294.89,
reducing its fall of J the
15.93. Turnover totalled 2.71 m
shares. ■ .
Canada
Stock prices were higher at
midsession yesterday, when the
Toronto Composite Index moved
up 10.0 to 1,813.4. _
Metals and Minerals rose 1-5
to 1676.3, Golds .22.9 to 2440.2.
Oil and Gas 27.8 to 3333.9 mid
Papers 0.41 to 187.11- But
Utilities shed 1.S8 to 222.10 and
Banks eased 1.86 to 332.82.
Tokyo ,
Japanese markets were closed
yesterday— Coming of Age Day.
Hong Kong
Firmer on bargain hunting at
lower levels and also on a tech-
nical rebound after Thursday’s
Fall-
The overnight nse on Wall
Street after its recent fall also
contributed to the steadiness
here, although trading was -sub-
dued as most investors declined
to take positions ahead of the
weekend.
The Hang Seng Index , closed
up 13.64 at 1,410.46. ‘
Kowloon Motor Bus lost 40
cents to HKS14.40 after news -it is
to float its subsidiary the Tylee-
lord Properties, while Far East
Hotels held unchanged at
HKS1.36 after its announcement
to buy the M&rineland in Chicago
in a joint venture with the Hong
Kong International Amusement
Incorporated. •
Australia
Some key Resource . issues
finned in dull trading, but
weakening prices of a range of
smaller stocks offset the gains
and the chief market monitor,
the All Ordinaries Index, eased
0.4 to 55718. ‘ ■ . ■ •
Claremont, the most active
Jackson well partner, rose 12
cents to SA1.35, while' Santos
gained 10 cents to: SA6.30, hut
Vn nt gas shed 10 cents to -SA10-20:
Victor Petroleum gained 10
cents to 85 cents but elsewhere
Crusader dipped . 20 - cents to
SAd. Thursday's newcomer
Planet Resources slipped 5 cents
to 20 cents. 5 cents below the
issue price.
Poseidon shed 30- cents to
SA2.10. Herald eased -5 cents -to -
SA2.65 as did IBayne Nlckless to .
SA2.50.
Banks were mixed in. the wake
of the rises in interest- rales for
large " customers. Bank of New
South Woles held unchanged: at
SA2B6, ANZ slipped 4 cents to.
SA5.40 while the National Bank
increased 5 cents to- $A2.75.
Germany
Leading share- prices closed
above the worst in a dull pre-
weekend session.
Mannesman were off DM 2.6
to 142J9, after opening DM 4.50
down on fears that Siberian gas
pipeline project is endangered
by U.S. sanctions.'
AEG, a subcontractor on the
project, closed DM 0.50 down 'at
43 nftpr 4 1 * ‘Sfl
Elsewhere in Electricals, BBC
ended DM 9.30, up at -210.30;
erasing Thursday’s sharp losses.
Banks were aided off their
lows by a more stable . Domestic
Bond Market.
Public Authority Bonds re-,
covered, helped -by Thursday's-
firmer U.S. market Gains
averaged DM 0.10. . • • .
The three low-coupon Federal
Government issues which en-
countered the heaviest selling on
Thursday rose by more than a
full point and the . Bundesbank
sold DM 9.8m of stock.
Mark Eurobonds were little
changed to i point firmer. ■■
Paris
- Share prices fended' firm in
active trading. Sentiment was
buoyed by expectations that pro-
ceeds front the coupon -payment
on the ' 1973 .7 per -cent gold* *
backed' State; Loan, V du* next -
week, would be: re-invested In' :
shares. • ■ • ^ *‘ :
Continued hopes -thafcinyestore
. will he better compensated thaa
previously thought;; when com-.,
panies are nationalised . and ihe.
slight increase in Wall: Street '
values overnight *iso' : jrelped
prices: . ' V. ; ■ ■
Banks. Foods, Constructions, .
Portfolibs 'and Engineerings were
whfle- 'Electricals^ '.Metals ..
. and' Oils advanced;
Roussel-Uclai gained FFr 15 '
'to' 239-5— it' hopes to -raise turn- ■ *
over -to FFr llBbniby 1985 front '
around FFr 6hn last year.-;--. ;
. ..Valeo ipoved up 'FFr 11 to 220 . -
In . Foreign .stocks, Ammcans. . 1
Dutch, ..-Oils /and : Gold Mines . :)
firmed, Awhile Germans ;':"anfl-
Coppers were .mixed.' ^
Johaimesburg. .
Gold shares hardened tm local
demand. Towards the dose '37 ’
' shares. ' were higher and, '.one
lower. • '> -i.
however, tttctf over was restrie- \
Ted and 1 Mming Financials ■ and - 1 - -
‘ other Metals ■ were- ^virtually, .
neglected.' ' ; " ' . ' ' .
; Switzerland-. ; r /
^Shares "closed irregular- ‘WHil'e ■ .
the outlook for . .lower _fiwiss ...
; interest" rates is generally jwsi-'
, live ;f or the Bourse; -Jhe draine • - •
lu domestic rates is apparently":
not supporting -Equities .
■ sufficiently,- : arid ' -ILSr.- .Interest-. . -!•
rates and 1 Foreign .' .Exchange : . . 1
Markets ' continue to exert tbs - . - - . ..
main 1 influences: on .the.vBqhrsa,.
dealers said. ’ ‘’V - .
' • Domestic Bonds - slipped:
slow trading, - while Forp ign
Bonds advanced -a^fractioiPaftet-;;-.
re cent '-weakness; " t; Jl
' Brown Boyeri rose Frs 15 .to ‘ "■
1,095 in the- wake of Thursday • *•
announcement that J ’.' it /-bad-. \
booked - . two major ■ -rim&acts . v
from Saudi Arabia and Iraq' vthhf>. .
a total value of > appromaately : - l ^ -
Frs 600m. ‘ The market had hesen . -
anticipating the qontractt^apd"
had already discounted therit 1 to
some degree.' '. "• '".''V
Jan.
24 1
Jan.
13
~22
22 *
21 >
21
6>b '
6*
245# 1
24*
42 !
42
37* '
17*
23% :
23%
25% ,
SB
3.90 '
4.00
18* ,
18*
17* '
17%
28* >
27%
32%
22%
5.50
5.62
12
12*
33
33
12* ■
13*
17 i
17
11
11
Jan.
Jan.
Jan.
Jan. .
198182
15
14
13
12
High
Low
AUSTRALIA
All Ord. • : : ?3
357.3
sss.:
5B3.2
HIJ
737.5 .5 4 .
545.6 -23- ID’
Metal ft M'n:s. I ' 17
3S3.3
563.3
533.5
Zii.i
715.2 <7 I. 8 I 1
53C.5.U1.22.
AUSTRIA
Cred t Akiien 1 I el.
a?.4a
35.43
55. iC
53.54
66.45 .5- 18*
f-5.64 <IS 10.
BELGIUM
Belgian SE S' '2 E5
sr.«
87.?,-
ot.ES
67.10
67.45 .5 1 22.
69.5; -15 o'
DENMARK
Copenhagen SE 1 1 ?S-
>3:.;s
>23.0!
CC
121.31
125.55 ii*. ISi
,2' 1.51>
AMCA lntl •
Abitibi. ;
Agnico Eagle.. ...
Aican Alumin.. .'
Algoma Steel
Asbestos
Bk. Montreal .
Bk. Nova Scotia. ‘
Basic Resources
Bell Canada.
Bow Valley
BP Canada
Brasean A
Brinco
B. C. Forest
CILInc
CadillacFairviewr
Camtio Mines.. „
Can Cement
Can N W Lands ..
Can Packers.. .
Can Trusco
Can Imp Bank. ■
Can Pacific
Can P. Ent
Can Tire
Chieftain
Commco-
Cons Sathst A.
Cont, Bk. Canada
Costain . .
Daon Devel
Denison Mines .
Dome Mine*
Dome Petroleum 125,.
Dam Foundries A 57%
Dom Stores. 16*
Domtar 20*
FalconNIcKel.. .. 66 jji
Genstar 21%
Gt. West Life. . .. 245
Gulf Canada 15*
Gulfstream Res . S.75
Hawk Sid. Can... 1 1 ■<
Hollmger Argus.. 50*
Hudson Bay Mng 23*
Hudson's Bav .. 21
do. Oil & Gas 50*
Husky 0*1
I mate a *0
ImpOiJA . 25*
Inco 16
IndJl. 15
Inter. Pipa 14*
Mae Bioedai. . . 25
Marks & Spencer 9
Massey Forg . 0.1 5
McIntyre Mines.. 38
Mariano Explor.. 20
Mitel Corp. 24%
Moore Corp.. 37*
Nat. Sen Prods A 8%
No ran da Mines.. 20*
Nthn. Telecom 53*
O.i b. wood Pet.. 151-
Pacific Copper . 1.95
Pan can Petrol . 66 %
Patmo. 16
Placer Dev .. . 13 If.
Power Corp. . . 14 *
Quebec Strgn . . 2. no
Ranger OH T*
Rood Stonhs A. . ( 1 *
Rio Alqom 37
Royal Bank.. . • 75 -b
R eyaiTruotco A.. 14%
ScootroRas 11%
Soagram 65
Shell can Oil 17-j
Steel of Con A. . 29-:
Tcck B.. .. 10*
Texaco Canada.. 30
Thomson Nows A 2 1 *
Toronto Dom Bk. 29 1 *
TrnnsCan Pipe 22%
TrnnsMntn. Oil* 10
Utd. Sisco Minos 6--.
Walker -Hi Res ... 20*
Waitcoat Trans.. 12*
Weston iGaO'. . 53:-
AUSTRIA
Jan. 15 Pnco + or
Creditanstalt ..
Landorbonk. .
Perimoosor....
Scmpcrit
Steyr Dailnier.. .
Vcltechcr Mag
Petrofina
Royale Beige
Sac. Gen. Banq ..|
Soo. Gen. Beige ..
Safina.
Solvay-
Traoton ElocL. .
UCB
Union Miniere...
Vie! He Mont.
DENMARK
'628! +14
1.360 . ....
ACF Holding
Ahold
IS 0 m 1 As^^. PuTp>ap i 1:72 i-qqii
K*1 ”2*1 Aust. Cans. .Ind..;; 1.68 • ..
RraderaCtort 187' 3 0,2 Auet Guarant .... wo ,
Bradero Cert ibv ( AusL Nat. Indl.J. 3.05
Boss Kalis ... .... 81 . + 0.4 p a ™,r • 2.06 '
Buhrmann-Tet ... | 8 A -0.5 Bank HSwSZ J a!a 6 i
Caland Hidgs 34 + 0.2 bi m . u<itai - - 1 57 -
ElMvtorNDU 135.6 +0.3 * ~JSm
Ennia 11^ +3.3 BoraJ ° ’’31 i +0
Euro Comm Trt... 74 Bl vllla Ooppar iL. lIU-l -t«*l
GteL Brocades... 67.5 +0.4 Brambles Inds-..! 2.38 ' -0.02
Heincken 50.2. +0.4 «ridge.OIL....». ..‘-4.30 L
Hoogovens • 16-4-. — Oj3 BHP .i fl.5 +0JJ2
ISmuIw" 9 '"" w t “21 Brunswick Oil. .. ' 0.17 .
tot^Mullar,. AS ' 4 rS'5 CRA 2.B5 ' +0.06
SI* S7B ' CSR. -.. 3.-77 +0.D7
sSd 1 ^"- iSi - 0.5 gaasaafcrw
Ned Cred Bank... 33.3 -0.4 Q-fa- In’S
Ned Mid Bank.... 119 J- -1,8 olToBtl : ’ o’S
Ned Uoyd 133.5 -1.6 <St25S Kl'i*" ‘ lSS' : + ooi
oceGrinten _.| 6 B .1 _o.i tooKb urnCamt. 1JO +0J*
Ommeren fVan).. 39.8 +0.4 150 •
^- 7 oSSSwZ.::::'
Phillips. 31.9. +0.6 Certain ; 2.85 ....;
Rljn-Schelda 34.5 +Q.3 Crusader OH-:...' 6-0 - —0.2
Robeco 215 +0.5 Dunlop + 1.0 1 .+-0.81
Rodameo 118.7 —0.3 Eldar Smith G M : '4.» *r ‘MJ.l
tux k ANZ Group .7 ,' 5.4
«n x + nS Acrow Aust_ j. 1 . 5 .
In? Ampol Pat.-'..:.-..: 1 . 65 .
bm 1 IS ' 1 Assoc. Pulp Pap J; 1.73
187
81 ! +0.4
38A -0.5
Euro Comm Trt... 74
Girt. Brocades... 67.5.
Heinekan 50.2
Hoogovens 16.4.
— — .. Hunter Douglas.. 6.5
Andelebankan 127.4) Int-Mu!1er .- 19.4
BaltioaSkand 348 1 —1-2 KLM. 88
CopHandolsbank. 137 Naardes «?2-5
D. Sukkorfab . + 339.4 -1.2 Nat Ned cert. 109.5.
n..,b. D..I. 1ST MuHTraHRlnl: ' S3 X
Danske Bank . . 137
East Asiatic.. . : 130
Forende Berygg. 623
Foronoda Damp. 430
GNTHldg 276
Jyake Bank ; 185 ■ Pakhoed
Nord Kabal 154.6’ +0.2 Phillips.
Novo Ind.. .. . 1.400 1 Rljn-Schelda ....:
Papirfabrlkkor.. 91 ! Robeco
Privatbanken- 137.4 Rodameo
Provmsbankan .. 130 Raiineo
Snndth ' FI 1
S. Berendsan. .
Superfos
19.4 -0.4
.. . . Nad Cred Bank...' 33.3 -0.4
+ 1.6 Nad Mid Bank.. .. 119.2 -l,a
-21 Ned Uoyd • 133.5 -1.6
+ 12 OceGrinten I 68.1 -0.1
—3.4 Ommeren IVan}.. 39.8 +0.4
Pakhoed - .. 48.7 + 1.2
.0.68 -OJ»
0.46-, .........
1.30 +0.B)
FRANCE
Jan. 13
21%
243
21
243
Emprunt 4i% 197!
1.924
15*
15%
Emprunt Fi 1976
6,583
5.75
5.75
CNE '
2,895
11*
11%
AirLiquide
459
Aquitaino
160
301.
30 >1
Au Prmtemps....
119
23*
23*
BIC
384
21
21
Banq' Rothschild
218.5
l.4°P 1 RIjn-Schelde
! Robeco
***•*, Rodameo
if c -a v- Rolinco
BB5.4 + 2.4 Rorenta
•fS ■ -J Royal Dutch
lo6.4 —2 Slavenburg's
Tokyo Pac Hg..,.,
Unilever
Viking Res
Vmf Stork
VNU-
Yolket-Stcvin
Wert Utr Bank.
21.9, +0.6 Costain... I.V.’.I. »l85 ; r! "™ Nissan Motor -ssz ; —
34.3 +0.3 Crusader OH 6.0 - —0.2 WfsshihFlOur.V.,..!. 35& j —4
215 +0.5 Dunlop + 1.-0’ +-0.81 Nits Wn Steal... 170 1+3.
118.7 —0.3 Eldar Smith G M 4.2" ■: '^-0.1 Nornmra.„;.. 566-: , 3.
210 +1.3- Endeavour Rea..:' O 55 1 ; NYK .... 31 L l ~$-'
X |®* B +5*5 Gen Pro Trust. ' liaa Otyrnpus ....^ jl,090 ;.+70
_ +»J» Ha rtogen Energy 5-6 1 OM — ?. [1,500 , +-10
Hooker. LBS
■ ria' ICIAust 1JS V;...: ..
i*n’ B T '?’« Jennings.'. 1.35
‘foa JimblanatSOcFP. 0.43 ;
42.8 +0^ Jones (D 1 MB I.
“5- ■ KJa Ora Gold. 1 0.12 .
30.5 +2.5 Leonard Oil 0.40
BSNGervals
Carrcfour . .
Club Mcditor.
CFAO .
CGE . .
CSFiThomson'
C 10 Ban cal rc
Cio Gon Enux ..
Colimog . . ..
CCF . .
Crcusot Loiro...
CFP . .
DNEL
Cumct . .
1.305 -II
1,605' -40
.514 +9
598 +4
333.6 - 1.8
. 196 .
182.2 -I
• 304 -10
118.5 +5.7
, 163 +0.5
T 61.3 -4
1 135 -2
. 59.6 * 0.4
1,370 +20
145.5 - 2.5
178.2 *2
146.5 + 8.3
259.5 +1.5
152.5 - 0.5
ITALY
, Jan. 18
Priee
Lire
+ or
Assicur Gen
142,080
+ 1.349
Banco. Cam la..
35,300
-73
Bastogl Fin
154
-8
CentraJe. ;. . .
5.260
-81
Credrto Varesino
7,930
-45
Fiat
1,619
+26
Fmsider
31
+ 2
Italcomentl ..
35.200
+700
ItaJsldor. .. .
120?
Montedison- . ..
155
-2
Olivetti
2,460
-20
Poralll Co
2,430
-254
Pirelli Spa
1,285
+ 96
Sola viscosa. ...
631
+ 20
Toro Aauc. . .
17,090
-11
do. Pref
14,300
-200
.
NORWAY
Jan. 15
Priee
Kroner
Leonard Oil 0.40
MIM 2.93
Meekatharra Ms 2,9
Meridian OIL Ul28
Monarch Pet...:..] 0,15
MyerEmp ; 1.46
Hal. Bank.- 2.75
Nows 2.55
Nicholas int- UZ
North Bkn Hill.... 2.50
Oakbridge 1.75
Otter Expel.. ;. 2. DO
Pancon J... 2.35
Pan Pacific 0.20
Pioneer Co . 1.6
Queen Marg’t G. 0.2 1
Reckitt AColn— . 2.33
Santos ' 6J
0 . 1 s .1
1.46 ; + 0.01
2.75 : +0.05
2.55 : .......
IA2" -0.03
3,700 l -90
SI
I Gon.- Occidental. 401.5 —3.5
Imotal. .. .84
Lorfargc . .. . 279.4 --1.6
L'Oroal .. . 755 — 4
Legrand. . . 1 1,535 - 15
Machine.) Bull... 27 , . .
Malm 1.215
Mlchelin B 67B --2
Moet-Honnescy . 581 --4
Moulinex 58 ; —0.5
Pan baa.. . . 210 . +1.5
Pechmay 101.7 +0.4
Pernod Picard 294 - 4
Perrier 1 145,5 - 2.5
Peugeot 8. A 178.2- +2
Poclain _. . . 146.S +8.3
Rac/iotach 225 —1.8
Rcdouto . B61 - .2
Rhone- Poulenc.. 113.6 - 11.8
Reussoi-Uclaf . 239.5 + 1.5
St.Gobatn . 152.5 - 0.5
5Jtis Possignol. . 544 + 2
Suer ... . 331 ' - 1
Tclcmoch Elect. 975 -,-10
Thomson Brandt 252 . +t.B
Vnlco ■ 220 .11 AGA I 222 _i
" Alfa-Laval 215
GERMANY ASEA 177
, Astra. 370
Jan. 15 •' P rt „ + or ^ J
Pm :_ ~~ Collulosa 285 _ 6
AEG Tolof... . 43 ' -0.6* Bggy* ' ' -O-H
Allianz Vors.. . 428 -0.5 s5SS?! Lj: " *
BASF . .. 131.9 + 0.7 E * M,to, PrC4‘ 169 -4
BAYER... ... 114.6 --0.2 Fagorsta .... 145 .s
Bnyer-Hypo . 1B2.-5 -0.5 Fortin «Praci ... 91 _2
Bayor-Voroin. 277 i +1 Mooch Dom 165 .g
ehf Bank • las six Saab-Skania .. . 138 _t
Imw7 m,k . Ilf _i:l
Crown Bovori ..: 210.3 +9.3 !*££ "J 0
commorsbank . 129 5KM Enskilda ... 267 -3
Conti Gumml. .I 44.5, +0.5
Daimler Benz 278 -0.5 ? 5? “•
Deguaaa 239.5 + 2.6 ■ J*®
Dcm.ib 1SBS -ns ■ 119 —1
Sparges Expel. . 0.35
Thos. Natwfda. .. 2.45
Tooth ;. 2.25
UMAL Cons . ... 1.85
Valient Consdt.. 0.18
Waltons O.B7
Western Mining,. 3.68
Wood5id« Patrol 1.02
Woolworths 1.69
Wormald Inti J 27JS
2.45 -0.03
ZJ23 — OJM
1.85 , -0.M y
0.87 ! — O.DS y
3.68 ; +0.03 Z,
1.02 : -0.D2 T
BELGIUM /LUXEMBOURG
AR8ED
Banq mt A Lux
Bokaart B.
Clmont CBR-.
Cockorill
EBES
Elcctrobei
Febnque Nai. ..
G.B.Inno, . .
GBL BruxU.
Govnert., .. . .
Hoboken
intercom .
Krcdiatbank. . .,
Pm Hldgs+. . . ,
Price + er
Frs. —
1.094 , 18
3.900, .
1.500
1,260 -10
169 l
1 850 -10
3.820
2.550 r 50
2,400
1.312 -34
1.623 +5
2.545 -45
1.340 -30
4,200
6,600 . ..
AEG -Tolaf... 43
Allianz Vers.. . 428
BASF . .. 131.9
8AYER. ... 114.6
Bnyer-Hypo . 182:5
Bayor-Voroin. 277
GHFBanK 192.5
BMVV. 191
Crown Bovori : 210.3
Ccmmorzbank . 129
Conti Gumml.. .I 44,5
Daimler Benz., 278
Degusaa 239.5
Dcmag 136,5
D'cchc Babcock. 176
Oeutacho Bank ' 266.6
DU SOhuit.. .. 160
Drosdnor Bank . 130.8,
GHH 209
Haoag Lloyd.. ....... 58.6
Hocchat 113.8xr
Hoaoch 33.9
Hetamann iPi .. 385
Horton. . . I09.fi
Kali undSalZ . . 276
Kar&Udt 166.8
Kaulhof 158 ■
KHD ■ 180
Kloeckner 58.8
Krupp 64 '
Linde . ... 1 511 .
Lufthansa 52.8
MAN 191 '
Mannosmann „ . , 143 A;
43 ' —0.5
138,5 +0.5 N55K»
119 —i'
166
150
130.8. -1.2
B 58.5 Iq. 5 SW'raRLAND
llJ.flxr — 0 A Jan is i
32.9 +0.8 * n ‘ 13 1
385 . . ..
J9?-® "“J' 8 AIUSV4S4 “
iaIb BfOwn :
166.8 + 1 Ciba-Celgy ...
158 • -l do iPqrt Cartti..
180 +0.5 Credit Suism. .. 1
58.8 +1.5 Elektrowatt. J
B4 ' +2 A FiKher -Geo...
311 +1.4 Hof f-RochePtCts 61
-J' 8 AIUSV4S4
+ 1 Bovori.. 1.095
+ 1 Ciba-Celgy ... 1,265
Dai Nippon Ptg
Daiwa House
Dai wa Seiko
Ebara
Eisal
Fuji Bank
Fuji Film
Fujisawa
Haugawa. '
H&iwa Rr East
-1 do iRvt Cert*'..
+0.5 Credit Suism ..
+ T.3 E^Ktrowatt.
+2A FlKhai-'Gao...
970 -5
H 70 -»
2.340 +30
62.8 +0.4
191 ' +3 '
142 A' -2.6
HoTf-RochaPtCts 62,500
Hoff-Rocha lila 6.230
lotertood ... s 530
Jetmoii^ 1
Gyr.. .. l.ioo
N ««4» 3.23ft
Mercedes Hlg„ !.J 244 ! +2 Landis ft Gyr .
MctAilgessoli . ...; 255 ! —3 Nertla
Muonch Ruck,,... 658 ; +9 Oer-Buhrltg .
PreuBsna,. i 1*6 ; -0.5 Pirelli ,.
Rlicm west Elect 170.2 + 0.2 SandeziBi" "
Rosanthol... ..1 272 1 +1 Sandoz iPt CSs
I Rosonthal- .. ..1 272 1 +1 Sandoz iPt Ct*. 'kIq
Schorl ng |75 +0.8 Scmndler iPtCtsi * 4 ?
Siaman - 200.8, 1 +2.6 Swissair, gen
Thysson.. 72.7, +0.4 Swiss Bank!!. "
Ynrta. 169 ; + 1 A Swiss Rointoe 6 425
Vooa ' 127.3 +0.8 Swiss Volfcsbk " gin
Vore.n-Wost 269 '. . Union Bank- "' 3 lSf!
Volkswagen 129.8 +0.8 Wintorthur ...! ”'
• > ■ Zurich Ins . .,16,900
5.530
1.310
1.100
3.230- —eg
1.405
229
4.373
520
*41
69B
215
6.425 +85
970
3.120
Housefood
Kao Soap „
Kashlyart*
1,300
‘+20
1.300;
+60-
6,760
3.17DP
+SO*
64B.
+6 '
549
—2
671
+ 16
818
+4
781
+ 10
1^20
•21
•797
.tno .
573 .
A.410-- * 10
699 1+8
.352 '
667’ ‘ +3
838 -a
384 > +8
S? - «
462 1 +8
816 >41
BIB +80*
Vale Ao 1 1
... . v jii*-
* ' ^ -* : V ^ai^aiy 16" 1982
-8****^^^ ":'- ;t1
1
INTERNATIONAL COMPANIES and FINANCE
St
BLOW TO D0tOHr€ MAKER
BY CHARLES BAT-
• HOESCHi THE, -332,000 . tonnes. . The companies
■am. of tfae '-Estel ,5£eel'JOTp^Ji».Vft an agreement which -pro-'-
has. not- placed; $ns[ ortegojtor -.videslor. dell very 0 f at least
crude steel -aad-', seaH^feaed ; 300,000 tonnes of steel and semi-
..produotswithite^^ .'fitusEed products' a " year,'
ITnnaniMITifl m '.r I' rlijTl n.i . T nfijlrt ~ ft ltlini.r.'
-The- iunire of JEstei.;is cur-
— — rsr?-^- rantly in the balance in view of
ment r^efied/.toetwsea the;two the v German ^ Government’s
companies Vhea ; ^^mBrEed. in efforts to - rationalise the
1972 ■ . ■.?-■ 4 : ■: s '■ ' coimtiyts steel industry. Hoesch
« nr i
Hoesch vrouM^ BOiTOftlly .have and Kriipp are discussing nierg*
started placmg^orders liy now to ing a. number of theif activities
meet its r equ it)<faiefl &. for. 1982/ which" . coaid remove the- , basis
which hayie^heBB. cakailated at for continuing the Estel holding
andforce Hoogovens to continue
ob its own.
Hoesch’s decision 1 not to con-
tinue ' placing orders with'
Hoogovens came as a surprise
■to the Dutch partner and has
increased strains within the bi-
national company. Hoesch said
that it can meet its own require-
ments for semifinished products
at the moment..
If Hoesch continues to with-
hold orders from Hoogovens,
the Dutch company will be
forced to extend short time
working, at its Ijmuiden steel
mill on the coast near Amster-
dam. Hoogovens already has
8,100 of its 20,000 workforce on*
short time, working a 33-
instead of a 40-hour week.
The loss of deliveries to
Hoesch would be a major blow
to Hoogovens in the longer terra
since earlier forecasts called for
an increase to 12m tonnes a
year. Hoogovens. which has one
of the most modern steel plants
in the EEC, is already concerned
that anti-dumping suits begun
by U.S. companies against Euro-
pean producers, could restrict its,
American market.
32 3 compromise: on
state takeover
Bjr Tcny Dodnwrthi'n Paris
•' * . DR ; EDOUARD. SAKIZ, cbair-
'■ man df ' _ ' RomselJLMaf, ; - ..tbe
, French pharmaceuticals group,
* .a:;r believes "that/ the conflict over
the Government's- plaits' "to
nationalise ;th'e"conmany could
be resolved- amicably wtih
Hoechst. its West;, German
parent concern. ' ■
Oa Ti .wsit r to .tfie! company's
operations in.. the ’Lyons area,
. M Sakia. stressed tijat Hoechst
' remained intent 'bn retaining a
majority, stake in the French
company. But a . compromise
might toe arranged to enable
the State to exercise an element
-of Control through a ‘-blocking
’• ^ miborfly. .combined with an
TamurgementT^ at supervisory
; hoard -.leveL .
" Although .M Sakiz- did not
elaborate on this “arrange-
metft,* Tiis ' comments indicate
t^af the. Government could take
a. Majority, position , on the
-siipenlsory board, where - the
’• mate - . strategic, decisions - are
" m4de. . .
- ‘H Saltizs; remarks are widely
feJt to Reflect- an- extreme vaew
'.joV the outcome of the Govem-
7 nietoCs -nationalisation ' project
‘ :"Presentmg Roussel’s long-
• - . . tenn - plan, ; M. Sakiz indicated
ihat ’ it has projected consider-
.. "abfe' growth over the .next five
- years; Against ; a 'turnover of
V FFr" 6tm Opl-.tbn) last . year,.
. .the 'company is aiming to reach
.: around FFr- 124m .in ’1985. This
’ year sales- should; reach about
FFr .7.®bn.‘ :
'yCapitsd : spending . is similarly
planned to grow. from , about
-FFr 270m last yedr.to FFr 35fim'
. "in 1982 arid Tr 7O0im In 198£
•. 1984.
Petrokjemi minorities bale out
SY FAY G JESTER IN OS.O
SAGA . -PETROLEtiM. the
Norwegian, oil group;, is to take
full control of Saga' Petrokjemi,
the lossr-making petrochemicals
company in ; wljwih it currently
has a .5fi per cehi ^jareh olding.
Three Norwegian . industrial
companies owning the balance'
of Petrokjemi arey to transfer
their .share stakes to the oil
group 1 without compensation.
The deal, announced in Oslo
yesterday by : the four companies
concerned, . depends on the
approval pf the “ financial insti-
tutions involved.” It follows the
refusal' of the three minority
shareholders to. put additional
capital into Petrokjemi, which
is expected to continue losing
money for several years.
The three backing out are
Dyno Indus trier — plastics,
chemicals, explosives — and two
metallurgical firms, Hafslund
and ' the State-owned Ardal og
Sunndal Verk.
Saga Petrokjemi needs an
injection of new capital soon
because creditors, who provided
the company with a 875m loan
some time ago, stipulated that
a certain ratio must always be
maintained between capital and
total debt. Saga Petroleum said
previously that it was prepared
'to provide the necessary funds
in proportion to its 56 per cent
shareholding. With its takeover
of the remaining shares, it
assumes full responsibility for
future financing.
Before the announcement of
the deal, Norwegian Press
reports said that two European
oil companies, Petrofina of
Belgium and Agip of Italy, had
refused invitations to participate
in refinacing Petrokjemi. "Both
companies are partners in the
Ekofisk field in the .North Sea,
the source of feed stock for the
east Norwegian petrochemical
complex, which Petrokjemi owns
jointly with Statoil. Norway's
state oil company, and Norsk
Hydro.
Sheraton to
open hotel
in Italy :
By J»n« Buxton In Rome
SHERATON, -the international
hotel company, is to move into
Italy and open hotels in Rome
apd Catania, - in Sicily, next
year.-'
It has long been difficult for
the "major international con-
cerns to obtain a - foothold in
the Italian hotel market:
Sheraton, part of the ITT
group. - has . .taken over the
management of Aerbotel,. a 700-
room property originally started
by an Italian concern. Basic
construction work oh the pro-
perty ceased some .time ago and
now Sheraton, as part of an
investment group, is to pur-
chase it and complete construc-
tion work.
Swiss may force banks
to aid foreign courts
BY JOHN WICKS IN ZURICH
MANAGEMENTS OF Swiss
banks implicated in illegal cur-
rency transactions abroad may
have to answer to Switzerland's
own banking commission, Herr
Hermann Bodenmann, the com-
mission's chairman, told a
Zurich newspaper yesterday
On Thursday Mr Guido
Corecco, a deputy manager of
the Zurich-based Bank Leu, was
sentenced to a two-year prison
sentence and fined L300m
($245,000) on charges of aiding
and abetting illegal currency
transfers. Two employees of
the Banca del Gottardo, .of
Lugano, are awaiting trial ran
similar charges.
Herr Bodenmann said his
commission would he receiving
files on these cases from Rome.
While the alleged currency
offences were not in contraven-
tion of Swiss law, the commis-
sion would regard an instance of
aiding and abetting as an
“ abuse " and institute measures
against the bank or banks
concerned.
These would mean that a
bank had to take internal
measures to prevent similar
occurrences. “ Bank manage-
ments often use the excuse that
they were unaware of how over-
keen executives had acted,”
Herr Bodenmann claimed.
The Commission might
demand personnel changes
“under the threat of with-
drawing -the banking conces-
sion "
Swedish
state group
loses chief
executive
By Westerly Christner in
Stockholm
STATSFORETAG's managing
director-designate. Mr Karl-Axel
Linderoth. has resigned over
policy differences with Indus-
try Minister Mr Nils Aasling
over how’ the loss-making state
holding company - should be
restructured.
Mr Linderoth, 54, says he can
not take responsibility for man-
aging the group according to
plans being set up to ensure
Statefbretag’s survival. The
Government's plans, not yet
announced, are understood to
involve selling off certain profit-
able units.
Mr Linderoth. who has held
a variety of prominent positions
in both the privatend and public
sectors in Sweden, has been on
the board of Statsforetag since
1978.
Shortly' to receive substantial
state cash aid. Statsforetag was
to have come under the steward-
ship of Mr Linderoth this spring
following the company's annual
meeting.
For the first eight months of
1981. the company incurred a
pre-tax loss of SKr 338m
t$69m). It forecast an annual
deficit of around SKr 600ra.
Better results
at Borregaard
By Our Oslo Correspondent
BORREGAARD, the Norwegian
industrial group with interests
in forest products, mining,
chemicals, and foods, appears to
have achieved better than ex-
pected results and recommends
an unchanged 11 per cent divi-
dend.
Group results for 1981, before
year-end appropriations, are ex-
pected to reach NKr 135m
($23m). This compared with a
forecast of something in excess
of NKr 100m, and actual profits
of NKr 142.7m in 1980. Gross
sales rose 12 per cent to about
NKr 3.7bn.
Forecasts for 1982 were
*■ difficult.” the group said,
owing to unpredictable currency
fluctuations and because “ only
moderate recovery is expected
in the world economy.”
Profits from foreign products
operations were better overall
than a year earlier, though the
fine paper sector was weaker.
IBM blames earnings fall
on strength of the dollar
BY (AN HARGREAYE5 IN NEW YORK
A 12 PER CENT drop in fourth
quarter net profits was-reported
yesterday by International Busi-
ness Machines, with the group
blaming most of the decrease on
the appreciation of the dollar
during the period.
Net profits were SL08bn or
81 .83 a share on sales of 88.99bn,
down from profits of $l-23bn,
or 82.11 a share on sales of
$7.Sbn in the same period of
1980.
Net earnings for the full year
showed a 7 per cent fall, from
$3.5Sbn or 56.10 a share to
$3.3lbn or 85.63 a share on
sales up from 826J21bn to
$29.Q7bn.
Mr John Opel, IBM's presi-
dent said that the translation
into dollar^ of income and, ex-
penses of non-TLS. operations
had a ‘‘significantly adverse
effect on results” due to the
strength of the dollar against
other major currencies.
If the currency rates used to
translate income and- expense
of overseas operations had
remained the same in 1981 as
in 1980, gross income for the
year would have been over $2bn
greater and net earnings would
have reflected more than a
$600m increase, he declared.
It is clear from the figures
that IBM has also been suffer-
ing -from pricing pressures in
its rental business, which con-
tributed $2.78bn to fourth-
quarter revenue, - down ftom
S2.79bn in the final period of
1980.
Revenues from actual sales
of goods, by contrast, rose
strongly from 53.7bn to $4.7bn.
Traditionally, an increase in
sales at the expense of leasing
and rental business is regarded
as a good sign for IBM's
'financial performance.
For the full year rentals pro*
duced. revenues of $10-8bn,
aga-inst S10.9bn previously.
• Outside the U.S., IBM earned
$lJ4bn after taxes, compared
with $1.9bn In 1980. Revenues
were up slightly from $13.8bn
to S14bn.
Offer for Cannon Mills
increased to $413m
BY OUR FINANCIAL STAFF
PACIFIC HOLDING, the Los
Angeles investment company
controlled by Mr David Mur-
dock, has increased its bid for
Cannon Mills, the largest XJ.S.
manufacturer of sheets and
towelling, to 8413m.
The new offer has not yet
been posted but Pacific Holding
said it would be worth $44 a
share, compared with $40 under
the previous offer. Mr Murdock
said that “informal indications"
from certain directors of
Cannon and from trustees for
27 per cent of the equity, had
indicated- that, the original
offer, which was dependent on
62 per cent minimum
acceptance, would probably be
rejected.
He added that on legal ad-
vice, he could not say whether
the increased offer would prove
more acceptable, but added
“with the price we’ve raised
it to, we believe it to be an
eminently fair offer.”
Cannon Mills, which is 37
per cent controlled by the
Cannon family, last year turned
down an offer from a group of
private investors headed by Mr
Harold Geneen, former head of
ITT, whose offer- of $376m ex-
actly equalled the first offer
from Mr Murdock.
In 1980. the last year for
which figures are available.
Cannon earned $21m on sales
of 8660m. Among its takeover
attractions are tbe 560 m cash in
the balance sheet
Cockerill-Sambre loss
BY OUR FINANCIAL STAFF
COCKERILL-SAMBRE had a
net operating loss of about
BFr 7bn ($180m) in 1981 after
financial charges of BFr S.25bn
and depreciation of BFr 4.75bn.
The figures were yesterday
presented to the Belgian steel
group's workforce in prepara-
tion for talks on wage
moderation.
During the year Cockerill-
Sambre, created out of the
merger of Cockerill and
Hainault-Sambre last year and
now SI per cent state-owned,
lost more than BFr 3,000 for
every tonne of steel produced.
The Government is expected
to decide on Monday whether
to go ahead with a package
that would assure financing for
the steel company through to
the end of 1982. Under the
plan banks will advance BFr
9b n in new loans and re-
schedule BFr 28bn of debt, a
portion of which would be
guaranteed by the Government
HK group
takes over
Marineland
By Our Hong Kong Correspondent
FAR EAST Hotels and Enter-
thinment and its controlling
shareholders, the Cbiu family
of Hong Kong, have acquired
the Marineland, the Southern
California amusement park,
in a share and cash deal worth.
$I5m.
Mr Diek Chiu, the company’s
managing director, /aid yester-
day that a joint venture be-
tween Far East Hotels and
the privately-owned Hong
Kong International Amuse-
ment had bought the 102-acre
• site from Taft Broadcasting
of Ohio and Kroger, the Cali-
fornia-based retailer.
Mr Chiu said $5m would be paid
in cash, and $6.74m worth of
shares in Far East Hotels,
valued at HK82.35. would be
issued. The balance is to be
covered through the joint ven-
ture taking over existing
loans.
Hanna-Barbera’s Marineland.
which among other attractions
houses the world’s largest col-
lection of marine mammals,
sits on an ocean front site in
Southern Los Angeles. Far
East Hotels appears to be pin-
ning its hopes on being able
eventually to carry out major
residential or commercial
developments there. It has
. already drawn up plans for a
103-room hotel on part of the
site. Initially, however, it is
to spend about S3.8m on
boosting the parks revenues.
COMMODITIES/REVIEW OF THE WEEK
rises as
support continues
by our coHMbwr® staff ::
WHEN THE International Tin
Council meets in London next
week the activities, of the regu-.
far buyer who:' has held up -
prices against/ a falling trend
in. base raet^ axe- certain to
capture tihe limelight. Tin man-
aged to add £20Q lor cash; trans-
actions and £120 - for - three
months’ . delivery . in. London
trading during the past week.
Closing pri ces last, night .were
£8i585,.a tonne : for cash, <* fall
of £45: on the day I and £8,'085
a tonne for Three mon ths deli -
very (a fall of £47.50 on the
day). London traders are now
very worried about the: artificial
patterns of grading being
imposed, upon markets by the
persistent; activities of the
influential buyer over the last
six months. '
The; Eastern . : tin producers
who -are widely believed to be
behind lie buying operation
have not been squeezed so far
as a - result- of their bold trad-
ing. > By sending physical tin
from the East, to Europe and
tradings it - at the rising prices
they have managed to finance a
large proportion of their price
support operations.
; Kidd Creek,. Mines iq the U.S.
cut jts zinc price by more than
7 cents, a pound this week only
to raise.it again by 4 cents a
.pound’ 'yesterday.. Meanwhile
two : other U.S. producers,
. Cominco and St Joe, each added
1 cent a pound to -their producer
-prices.] "Zinc for cash lost
£11.75 a tonne in London trad-
ing in. the Week to close last
night at £413.75 a. tonne. It had
.gained £1-75 a tonne during the -
-day; .
L200i
£mrtani<a
1,100
9001
800>-
i
•r
t
t
f-
J
r ^
r
|T
C(
I
IFFEE-
ondon
fix
tIPos
HtionFutm -
1 l
5S
I
S O N . D J
1981 1982
WEEKLY PRICE CHANGES
Urtost
, prices Ch'ngs
; per tonne on
- • unless i week
f ' stated 1
Year
ago
1981/82
High
Low-
METALS
Aluminium .. -
Free Markets
Antimony .. a.—
Free Market 99.6%....
Copper Cash Hlph Grade ....
S months Do- Do — •••
Cash Cathodes .....
3 months Do.-..:......
Cold per. or...,..—
Lead Cash i
3 months
Nickel -
Free Market to—:. —
Platinum per or...;.:,.'..
Free Market -per or ..—.
Quicksilver <76lbsi;,.... —
Silver par ez—
- & months per oz. t
Tin cash . v - — —
3 months-- — —
TUngsterr Ind ...........
. Wolfram (22.04 lbl- — .
Zinc cash
3 months
Producers
GRAINS
Barley Future*.....,
£610/815 — £810/815 £61CUS1 5 i£760(70 .
SI 100/ 1130 +10 (. 81445 /475^StH8/l6£OlSTD1&/045
S3150/300 SS2tHrti6aM440/54O
£179*6 XI, 023 .5 j£755
£800X5 Xl,05»JE£777.5
£757.5 XI, 025 l£74aB
£780-6. X1.046 ’£7 66.5
5561.5 .9601 - ^$S7B
£286.5 £502 X273.75
£298.25 £499.5 - £285X5
£3X26.67 £4.2 1 9_B0'£2,9 1 5
2B0/2BOci29O/310c'2B5/275c
£202 £260 . £202
£228.05 ,(£290.90 '£185.60
*365/375;S428/4S8:53B5/365
621.10p 671XQP j4 12.80p
642.50p S95.70p W27.00p .
£5.902 .S'kS, 630 . (£5,700
£6,087.5 £8,657.5 [£5.863.5
5140.56 ;S 149.08 <5127.40
S146/X48|S151fl55;SI20/12S
.£327.5 . 'X553.5- [6506.5
£339.75 -X56B.5 1x31825
SB23 51000 8825
. $2450/2550,
_• £857 1 + 8.5
. £885 1*10.5
,. £853 1+8.6
.. £882 -+11
,. *376.5 -24
J £329.6 j+4.5
£342.25 1+4.5
£3737.75, —
255/290 +5
. £360 -
£193:70 1—4.6
*412/418 —8.5
.1 421.85p 7.15
436.B5p
.1 £8,585
£8,085
*127.40 ; -
.1 S124J129: + 1 !
.. £415.75 —11.78
.S £426.75 -11.75;
,s 5950 - ■
-7.36
,'+200
t 120
:£109J» j+1.05 j
Maize French
£98.65 J£lpaxa £94.40
— • £121 £133:50 XI 19.76
WHEAT Futures-.-...*. j
Hard Winter Wheat
SPICES . -\7-
Cloves .: 4fl>j
Peooar, whHo
, - black..: — ■
OILS > r
Coconut (Philippines) ....... :
Groundnut 5%.
Linseed, Crude -
Palm Malayan ~r ;
SEEDS )
u Copra fPhllipplneiU.—
Soyabeans iUfS.),._ 1
OTHER COMMODITIES
Cocoa Shipment-—.. — •:
Cocoa Futures May......
Coffee Futures Mar
Cotton Index..;...—...— —
Des Coconut. —
Gas oil Fut Feb,..; ; : •
Jute U ABWC-grado., 1
Rubber kUo—
Sago Pear. -- 1
staal No. SL-. »
Sugar (8awv~ ‘
Tapioca No. 1. - - — ;
•Tea (Quality} kilo
iplaM Jd to..
1 WooHop«L'64s Warp. . i .
.£113.00 i - .
£118.5y ] • -
£5,556y t
sa.OOOy :
Sl,450y ;
SS50y
6670y
t
5515a
: (£121.10 £99.10
£105^5 |£124 [£102.0
- I £5,800 '£6,000' |£3^00
_ i 52,150 ,53.150 '61.SS0
_ . S 1,650 (SI ^00 . ,51,225
% f. $615 isWl J.;s52a -.
“ I
t Unquoted, {fl) Madagascar
6350 ,'+« -|
5273.5V - - • \
- ' r
.£1.245 +.6
£l p i94.6,+3:
£1,146.01+15.5
69.700 +0X5-
£540 I. -
. 8314 1-4^ ■ !
££67y •. - c
51X5p 1+1-5 !
£225y i - |
S640y I - :
£166y +6 I
£22Sy s' -
H7P | -. j
•37§p hiio]+ 1 !
<y)Jan/Feb< .{vj
Ghana cocoa.
£430
S625
3425
5332
£952
£888.0 -
£1047.6
100.46c
£650 -
£281
57p
£199
. 5780
£260
£209
121p
60p
288p ki
£400
Wfi
5335
>5245
£460
J864S
;*430
jj£340
I • J" • '
XI 416 £850 '
Sl^lS X789 •
ffil,157i5 X733JS
|101.15c 67^0 ft .
i£680 -. iWlO -
5329 JS268 *
£267 £219
65.25 l49p
£252 |£19.7 .
*780 1S&40
(£315 t£148 .
XB35 1£207
U40p *;il7p .
^•Tp '59p .
Ioj400p KilO 294p kflo
Feb, (z). Match, * Ncramal.
Alunjnium is reviving after
a period of falling prices in
London trading. For cash the
metal put on £14 during the
week to dose yesterday at
£589.50 a tonne. Three months
aluminium added £I4J25 in the
week to dose at £61&50 a tonzte.
However, both cash and three
months aluminium lost ground
slightly during yesterday’s trad-
ing.
Copper continued to be a
lacklustre market and in London
trading gained just £8.50
during the week to close last
night at £857 a tonne for cash.
Influential buying on the
London market boosted naturaL
rubber prices and RSS No. 1
physical rubber for spot deli-
very ended 1.50p up at 51.25p a
kilo.
In' a thin market persistent
buying from two trade sources
was enough to strengthen
prices. Dealers pointed out that
with the wintering period (when
output falls) coming up in the
East supplies of some grades
were expected to become tight.
They also thought the UK rail
strike and prospects of a haul-
age strike tended to encourage
forward buying. There was
evidence that some rubber
users both in the UK and the
U.S. were topping up their stock
levels, they said.
The London soyabean meal
futures market also performed
strongly with the April quota-
tion ending £5.95 up at £137.25
a tonne. The rise was attributed
to weaker sterling and. concern
over U.S. weather conditions.
Other markets were relatively
quiet. March, delivery coffee on
the London futures market
ended £15 up at £1,146.50 a
tonne, while May sugar gained
£1.125 to £179.45 a tonne.
, The corn market moved still
more narrowly with the May
futures position ending £3 up at
£1,194.50 a tonne. News of a
4J5 per cent rise in West
German fourth quarter 1981
cocoa bean grindings and
reported Ghanaian plans to
speed up evacuation of cocoa
held up in the hinterland
appeared to be ignored by the
market
The freak freeze-up in
Florida led *to a dramatic rise
of over 34 cents a pound in New
York orange juice futures. The
cold weather is thought to have
damaged around 25 per cent of
the Florida orange crop.
MARKET REPORTS
BASE METALS
BwiB-matal prices ware generally
Mtrle changed on the London Mata/
Exchange, and tended to be restricted
by the ri*« in sterling. Copper closed
at ESB4.5 owing to trade selling, while
Lead was finally €340. whh heavy sell-
ing bom? - well absorbed by U.S. buy-
ing. Zinc initially rose to £436 on
news that Kidd Creek and St. Joe
Minerals had increased their producer
price to 43 cams; ths dose was £425
after subsequent selling had lowered
rhe price to £420. Alumtniiim closed at
£514.5 and Nickel €3.022.5. Tin was
finally quoted at £3.100.
• auml +or~"p P m. ^or
COPPER Official ; — .Unofficial/ —
■ £ ' ’
HlghGr da— 1
Cash 858-. 5 -.5 8S6.5-7.5i-T
3 mthuT 886-. 5 +5,75 B84.5-5.5i- 1.25
Sett! ain't- 858.5 +5 —
Cathodes i
Cash 854-6 +2.5 / 852 .4 -JJ5
3 months I 882 -3 + 5 881-3 +.75
Settle m*t 856 +5 - i
5. Prod — . _. v _^77-82
Amalgamated Metal Trading reported
that in the morning cash wr rebars
traded at £858.50, 58.00. three months
€880.00, 89.00. 88.50. 87.00, 86.00. 87.00.
86.50, 86.00. Standard, cathodes, three
months £882.00. kerb Higher grade,
three -months £886.00. 85-00. Afternoon:
Three months £886.00. 85.50,. 88.00.
85.00. Kerb: Higher Grade.' three
monr/is £884.00, 83X0, 84.00. Turnover:
16,200 tonnes. -
a.m. + or p.m. ,+ o
TIN ' Official — Unofficial, -
High Grade £ . . £ £■
Cash -5620-50 4-5 8570-600
3 months' 8080-90+22,68070-100
Settlern't! 8650 +15 —
Standard'
Cash 8620-50 +5 8570X00
3 months 808a 90 +22^8070-100
Settlern’t, 8650 +16 —
Strait* E. £834.80 -U.15 -
New York —
l £
—45
~47J>
-46
+47.6
Tin— -Morning: Standard, cash £8,650.
inraa month* €8.140. 35. 30. 30. 8.100".
8.030. Kerb: Standard, cash £8,630,
three months £8,030. Afternoon: Stan-
dard. cash €8.630, 25. 20. mid-Feb
£3,650. three months £8.100, 80, SO.
Turnover: 2.345 tonnes.
a-m. + on p.yn. + or
LEAD Official — Unofficial/ —
£ £ £ £
Cash ..... 526.5-75 -.25 . 329-30 ,45
3 months: 339-. 5 .+J6. 342 -.5 ;+4J>
Settlern't: 327.5 • ! —
LL&Spot •36 : 34_'.
Lead— Morning : Three months £340.00,
39X0. 28.50, 40.00, 38.50. 39.00. 39.50,
39.00. Kerb: Three months £339.00,
38.00. Afternoon: Three months £340.00,
41.00. 42.00. 43.00. 43.90. 43.00. 42.00.
Kerb: Three months £344.00. 43.50.
43.00. 44.00. 43 50, 43.00. 42.00, 40.00.
39.00. 40X0. 33.50. Turnover: 9,375
tonnes.
NICKEL a-m. + or p.m. + or
Offtoial — Unofficial —
Spot 2050-60 —50 2960-80 -35
3 months- 3013-5 -39 ; 3020-5 -35
t On previous unofficial close.
* Cants par pound, t MS par Ulo.
Nickel — Momma: Three months
€3.040, 25. 20, 10. 15. Kerb: Throe
months £3.018, 15. Aliemoon: Three
months £3.025. Kerb: Three months
€3.020. Turnover; 254 tonnes.
on the New York opening was short-
lived with the near months easing off
on lbs. close, reports Premier Man.
AMERICAN MARKETS
SILVER
COCOA
Yae'rdey's. + or ! Business
COCOA . Close ( — Done
March .
1194-95
+ 3.0
1200-91
May ......
..„ 1 194-95
-1-4.0
119891
July .....
1203-03
1-4.0
1207 00
Sept . —
; 1209-11
1-3.5
1211-OS
Dec
1217-19
,-i.O
1222-16
March..
1225-30
' + 2.5
.
May —
1230-40
—
Sales: 828 (2.692) lots of 10 tonnes.
1CCO — Daily price lob Jan 15: £25.04
(97.41): Indicator price lor Jan 18:
99.32 (99.82). U.S. cents per pound.
COFFEE
Futures opened about unchanged,
reports Drexel Burnham Lambert. At
the morning close a heavily traded cell
sow the recent highs broached How-
ever, tbe gams were pared by boot,
s Quanng and protn- ML mg.
, Yesterday's
COFFEE 1 Close
£ par tonne
■ or Business
— , Done
i
a-m. +or p.m. +o
ZINC ; Official : — .Unofficial' —
^ ‘ £ * £ £ [ £
Cash 409 10 -2.7S 415.54 +1.75
3 months 42S-.5 -S.o 426.5-6 .+.75
S*ment... 410 -2.5 1 — •. —
Prlm w'ts — — *42-75
Sno— Morning: Three months £433.00,
32.00. 31.00. 25.00, 23.00, 22.00, 21.00,
20.50. 21.00, 22.00. Kerb: Three months
£422.00, 23.0. Afternoon- Three months
£427.00. 25.00, 25.00, 24.00. 25.00. 25.00,
25.00. . 25.50. 27.00. 26.00, 25.00. 25 50,
25.00. Kerb: Three months C42G.M,
25.00. 26.00, 25.50. 25.00. 24.50. 24.00,
24.50, -25.00. Turnover: 12.375. tonnes-
Jan 1136-38 -2.0 1145-55
March- 1146-47 -3.0 I1 154-45
May 1127-28 -7JJ 113526
July...- 1X16-17 -11.0 1126.17
Sept. 1111-12 -11.0:1125-12
Nov 1104X8 -13.QI1122-20
Jan uary..-- 109 7- 00 j -16 .5 11 10X7
Sales: 1,894 (2.C36} lots of 5 tonnes.
ICO Indicator prices lor January 14:
(U.S. cants car pound): Comp, daily
123X1 (123.31 J; 15-day average 124.00
(123.93).
GAS OIL FUTURES
The market opened 25 cents up and
traded around these levels before
coming off sharply in <hc lace ol a
snll-wQskemng physical pnee. A rally
rw: 12.375. tonnes. Yetterdy*, 3- or;^ "Business
reoqui close * . — . Done
GRAINS
Old crops sew reasonable two way
trade and general buying end short
covering agmst profit-taking end hedge
selling pushed the market to the highs.
New crops were also firm, Acli
lepons.
WHEAT
BARLEY
Silver was fixed 6.7o on ounce
higher for soo: delivery in the London
bullion marker yesterday at 421 85p.
U.S. cent equivalents ol the fixing
levels were: spot 792.2c. up 20.2c:
ihree-monih 8Tfi.7c, up 2T.6c; six- month
848.2c. up 22.1c; and 12 month 9QE.1c.
up 22.8c. The metal opened at 4T£-
423p ( 784-789c ) and closed at 422-
426p (739 794c).
", r
SILVER Bullion + or - L.M.E. ■+ or
per fixing : — . p.m. —
troy oz. price j iUnofflc'i,
Spot- ...4Zl.S5p +6.78 418p ~6
8 months .'4 56. 35 p -+7.201 432X5p —6.5
6 months.452.65p +7.15- —
12montha48S.75p + 6.2 8 — _ i .....
LME — Turnover: 75 (73) lots of T0.O00
ounces. Morning: Three months 429.5,
40.0. 40.5, 40.0. 39 5, 39.8. 39.9 Kerb:
Three months <39.0. 38.5. Afternoon:
Three months 437.5. 37.0. 33.0. 32.5.
32.0. Kerb: Three months 433.0.
Futures opened higher as .due but
eased to; end a featureless day with
small gams. Actuals business remained
scarce which reflected the dull market
conditions, reports Gill end Duff us.
Yesterd’ysi +or Yestord'ysf+or
Mnth close • — . dose —
Jan „ 110.30 +0.48 107.00 +0X6
Mar... 113.00 +0X6 109,25 +O.W
May.. 116.60 +0JV 112,35 +0.40
July.. 119.50 ' + 0.2b; - —
S=a~ 107.60 -+0.15; 103.H) +O.B6
Nov... 1UX0 _ +0.10 107.10 +0.4 5
Business done— Wheat: Jan 110.40-
110.15. March 113.05-112.85. May
116.80-116.55. July 1 19.65-1 18.35. Sept
107 65-107.50. Nov 111.20 only. Seles:
391 lots ol 100 tonnes. Barley: Jan
107.05-106.40. March ' 109.35-108.85.
May 112.50-112.15, Sept 103.10-102X0,
Nov 107.10-106.75. Sales: 538 lots of
100 tonnes.
LONDON GRAINS — Wheat: U.S Dark
Northern Spring No 2 14 per cent Feb
120.25. Mar 122 25 transhipment East
Coast seller. U.S. Hard Winter 134 per
cent Jan/Feb IIS.'SO transhipment East
Coast seller. Eng hah Feed fob Jan
113.50 South Coast seller. 'Maize:
S. African Yellow Mar 78.50 quoted.
Barley; English Feed fob ApnI/May
116.50 East Coast sellers.
HGCA — Locational ea-farm spot
prices. Other milling wheat: Eastern
tlO.10. Food barley: Eastern 105.60.
E. Mids 105.50. N. East 106.10, Scot-
land ' 105.00. The UK Monetary
Coefficient lor the weak beginning
Monday January 18 will remain
unchanged.
RUBBER
The London physical market opened
steadier, attracted good all-round
interest -throughout the day and closed
about steady. Lewis and Peat recorded
a February lab price lor No. 1 RSS. in
KuBld Lumpur of 206 (202.5) cents e
kg and SMR 20 181 .5 (179.0).
No. 1 iYestVys ; Previous | Business
R-S.S. close close bone
Feb |
Mar
Apt-Jne.
Jly-Sept 1
Oct-Deci
Jan- Mar'
Apl-Jne. 1
Jly-Sept'
Oct- Dec
61.68-61.70
62.30-62.40'
64.W54.40!
57.80-6730!
OUO-61.SOI
64. 10- 64.60;
E7.10-67JI0
70.10- 70.30
73^0-73.20
b0.B8-60.90i
61.40- 61 .U:
63.5iW3.flQ,
57X0-67.191
60JIWa.50
66.40- 63^0'
S6.Wflfi.50:
B9JO.Qa.4B.
7 2. 40- 72 JO I
62 J] 041.90
52.S042.SO
MJ043.30
68.08 -67.08
B 1X0-60 JO
B3^W5.30
B7JMSJ0
70,20-63.30
73.60-72.00
Aivmlnm. *.m. -for p.m. ,+ or
1 Official ; — !unofficialj —
_ i £ ! £ : £ I £
Spot -i 58B-.0 f 2.26, 585-80 \-3*
3 months! 613-.5 ;-M j 613.-4 j-4JS
Alum infirm — Mom mg: Cash £588.00,
three months E616.OT. 13-00, 14,00, •
13.50. 13.00. Ahernmm: Three months
£614.00, 13 50. 14.00. Kerb: Three
months £5i3xo, 14.00. Turnover. 3.050
tonnes.
I SU.S. ‘ I '
•par tonne! I
January \ 383.00 l-2.fl03a4.00-20.IW
February...' 314X0 1—1.75:6 16.25- IS .50
March.-—.! 306J25 !— 0.25 3Ofi.75-04.7B
April 1 £94.-50 l + OJD 294.50-54.00
May 291.00 +0,76.291.00-89.00
June., ' 289.50 + 1 J 0 , 2 aMW-BB,M
July 290,00 i+2^0: -
August 293,00 '+3.50
Sept........ 237^0 r 2 M,
Turnover. 1JS9 (1/70) lots ol 100
tonnes.
Sales: 375 (159) lots of 15 tonnes.
32 (3) lots ol 5 tonnes.
Physical dosing prices (buyers)
were spot 51. £5 p (50.25p): Feb 52J£p
(52.00p). March 52.COp (51.7Sp).
SOYABEAN MEAL
The- market opened firm with con-
tinued nearby cash Interest, reports
T. G. Roddick. Pnces remained steady
on trade buying and commission house
short covering.
fYestordys 4 or] Businei»
j Close — Done
J £ j
Iper tonne
February...' 140.2040.4 +2JM 140JD-59JD
April- 1 157J>0-57.5 +■ 1.80 137.50-35^0
June 134,80 65,0 + 0.50 155,60-34.80
August ; li5JM-S5.fi +0.05! —
October ; IJS.M 67.0-0,15 _
Doc. v • 15B.0D-40.0+1.QD -
Feb... .._.J3BJ0-42.0 -r 1 J5
Sales: 28G (120) loi-a of 100 tonnes.-
WOOL FUTURES
LONDON NEW ZEALAND CROSS-
BREDS— -Close (in order: buyer. seHet,
business). New Zealand cents per kg.
Jan 3E5, 370, 370; Mar 368, 372, nil;
May 375, 301. ml; Aug 387, 392. 381-
383: Oct 331 3&4. 392: Dec 396. 299,
337; Jan 339. 402. nil; Mar 410. 413.
411-410: May 415. 418. nil. Sale3. 1-1.
SYDNEY GREASY WOOL— Close (in
order; buyer, seller, business). Mar
495.0, 496.0. 486,0-495.5; May, 503.6,
504.0. 504.0-502 J5; July 51Z0, 5125,
NEW YORK. January 15.
PRECIOUS METALS came under pres-
sure with heavy long liquidation in
Gold. Cocoa was slightly lower on a
lower than expected West German
Grind. The livestock complex was
mixed with cold weather leans encour-
aging good buyin gin cattle. The gram
and soyabean complex was mixed with
wheat strong an good export interest
developing. Heating oil moved sharply
higher on continued cold weather in
the eastern U.S.. reported by Hemold.
Copper — Jan. 71.70 (71.80). Feb.
72.C5 (72.25). March 72.80-73.00. May
74.70-74.80. July 75.40, Sept. 78.15.
Dec. 8 0.80. Jan. 81.70. March 83.45.
May 85.20, July 86.95, Sept. 88.50.
Seles: 5.000.
Potatoes (round whites) . — Fab. 71.2
(72.D). March 72.3-73.5 (75.0). April
78.1-78.4. Nov. 76.9-77.8. Sales; 389.
ISifirer — Jan. 775.5 (787.0), Fab.
778.7 ' (790:2), March 785.0-W0.CI. May
B04.0-808.0. July 824.0. Sept. 844.5.
Dec. 873.0-877.0, Jan. 883.1, March
902.4. May 921.7, July 941.0, Sepr.
960.3. Handy and Harman Bullion spot:
783.00 (787.00).
Sugar— No. 11: March 13.32-13.35
(13.38), May 13.58-13.60 (13.64), July
T3.76-t3.7B. Sept 13.93- T3.94, Oct 14.12-
14.14, Jan 14.30-14.40. March 14.72,
May 14.50-14.79.
Tilt— 700.00-738.00 (700.00-736.00).
CHICAGO. Jan 15.
Lard — Chicago loose 18.75 (seme).
Live Cattle— Feb 61.75-61^0 (61.15).
April 61 10-60.90 (80.05). June 50.90-
61.00. Aug 59.80-59.85. Oct 58.35. Dec
59 32
Live Hogs-— Feb 48.25-48.00 (48.12),
April 46.75-46.55 (46.87), Juno 49.70-
49.80. July 50.55. Aug 49.40. Oct 47 5,
Dec 48.60-48.80, Feb 48.75.
Thursday’s closing prices
ttCocoa— March 2106 (2097). May
2102 (2100). July 2109. Sept 2124. Dec
2135. March 2153. Sates: 2.280.
Coflea— "C” Contract: March 137-50-
137.75 (137.04), May 131.60-131 75
(T3T.25). July 729.05-129.25. Sept
127 .00-127.25. Dec 124 .SO, March 121 .00-
122.50. May 119.0-124.S0. Sales: 1,230.
Cotton — No. 2: March 65.60-65 80
(65 88). May 67.50-67.50 (67.57). July
69.20. Oct 71 .10-71 .25. Dec 72.15. March
ttMaue— Mar 272V272L 1271’*).
May 281-281*- (281*,T. July 2361,-286.
Sept 28714. Dec 290V290, Mar 301**
Pork Bellies— -Feb 65.25-65 23
(64.35). Mar 65.7C-65 85 (6o.l5i. Me,-
67.50-67.73, July C3B0. Aua 67.90-
t Soya beans — Jan 641-540 (64i).
Mar 647-646 (6461,). May 658V&57~.
July 669-6S8M- Aup 672’-. Sept 671^
Nov 677-678, Jan 693*,. Mir 710*i
Soyabean Meal— Jan I960 (194.9),
Mar 194.0-194.2 (193.6). May 194 9-
194;B. July 196.5-196.8. Aug 197.0. Oct
198.0. Dec 200.0.
Soyabean Oil— Jan 18 87 (18 95)
Mar 19.30-19.3? (19 23). May 19 9B-
19.97. July 20.60-20.62 Aug 20.93.
Sept 21.15. Oci 21.40. Dec 21.75, Jan
21.75-21.80.
t Wheat— Mar 3941-394 ( 389V). May
4O3V403»« (399-4). Jiriy Scpi
416»i Dec 434*4-435. Mar 448‘,-MS.
WINNIPEG. Jan 15.
SBarioy— Mar 127.80 n27.£0) May
130.10 (130.50). July 131.00. Qct 131 80.
Dec 134.60
■Gold— Jan 370 7. (377.7). Feb 371.5-
372.5 (378.6). March 375.4. April
378.5-380.0, June 386.5-387 5. Aug 296.5.
Oct 405.4. Dec 414.0. Feb 423 0. April
434 B. June 444.0. Aug 455.0. Oci 465.2.
WINNIPEG
5 Wheat — SCWRS 13 5 per cem pro-
tein content cif St. Lawrence 240.79
(237.24).
All cents per pound ex-warehouse
unless otherwise slated. * S per iroy
ounce. V Ccnis per troy ounce.
It Cents per 56-lb bushel. ( Cents
per 60-lb bushel. Ij S per short tor
[2.000 lb). §$Can. per metric ton.
65 S per 1.000 sq ft. (Cents per
dozen. +t S par metric ton.
73.ZJ-73.50, May 74.50. Salas: 4.500.
Orange Juice — Jan 158 50-158 90
(135 15), March 148.90 (138 SOI. May
148.90. July 151 00. Sept 152.25. Nov
152.75. Sales: 350.
CHICAGO. January 12.
Chicago Imm Gold — March 582.4-261.3
(383 4). June 334.1.394.5 (95.5). 5cpt
407 J. Dec 419 5. March 435.3, June
448.8. Sept 464.5.
INDICES
DOW JONES
FINANCIAL TIMES
Dow Jan : Jan. Month/ Year
Jones 14 13 . ago ago
Jan. 14 ! Jan. l&IMonth agojYear ago
Spot- 126.52 ,126.43 - _
FUtTe 134^01^135.23 - • _
248.66 '247.71 : 248.19 1 259.88
(Base: July 1. 1952-100).
MOODY'S
REUTERS
Jan. 14 Jari. lS^Monttfagoj Year "ago
Jan. IS Jan. 14-M'nlh ago. Year ago
1002.7 ; 999.5 ' 981 Jt 1 1818.9
1&24J) : 1618.0 : 1613.4 1703.4
(December 31. 1931 -100)
(Base: September IB, 1931 -100)
512. 5-512.0; Oct 511.0, 513.0. untradeil;
Dec ' 515.0. 51S.0. untraded: Mar 520.0,
525 J). untraded; May 525.0. 530.0.
un traded: July 528.0, 533.0. tmtraded.
Sales: 32.
SUGAR
COTTON
LIVERPOOL— Spat and shipment
sales remounted to 15 tonnes. Renewed
purchasing in many spesietist styles
attracted much attention. Middle
Eastern qualities as wall as African
and American growths moved off
slowly.
POTATOES
LONDOW POTATO FUTURES— Th a
market was quiet, with - February find-
ing lets buying interest ' April was
steady, but fell (ram the highs towards
the close, reports Coley and Harper.
Clwing pnces: Feb 96.00. +1.00 (high
96.00. low 8S.OOJ; April 115.00. +0.30
(high 116.50, low 115.40): Nov 67.80,
+Q.10 (hiQh 207.00, low 67.30). Turn-
over: 1B4 (310) lOW Of 40 tonnes.
GRIMSBY FISH— Supply poor,
demand goad. Prieus at ship’s side
(unprocessed) per stone: Shelf cod
£3^0-£4.E0, codlings £2.80-0.50.
LONDON DAILY PRICE— Raw sugar
£166.00 (£167.00) a tanne ci! Jan-Fub
shipment. White sugar dauy price
£-173.03 (same)
TTib market drifted at list but pr.ccs
rallied before some proiir-LsJu.ig pared
me gams, -reports C. Czarn.kcw.
No, 4 Yesterday Previous Business
Con- . close close done
traet :
£ per tonne
March. 176.M-76.6D 174.90-74,95 177.50 74.00
May 179.4D7fl.M17B.j5 7B.4B 100,75-78.00
Aug-... 102.50 82.70 1B1.20-8I.4D Iflijfl -81,50
Oct 10fi.SD-flfi.5O 1S5. 15-65 J20-1B6.75-3a.50
Jan— . lfi7.5fl-afl.40-1flS^0-fl7.M.;M.25
Merr.i. 1S2.M-95.2S 191.75-32.75 I93.M-8J.DD
May 195.M-95.M 1S2 JD-SJ.M —
Sa'es; 3.76S (5.150) lots of 53
tonnes.
Tate and Lyle delivery price for
granulated basis white sugar was
£374.00 I Same) a tonne lob ior home
trade nnd C276.50 (C277.O01 for export.
International Sugar Agreement (U.S
cents per pound) lob and stoned
Caribbean ports Friccs lor Jan 1C;
Daily price 12 35 (samB); 15-day
average 12.91 (12-5^1.
t
Financial Times Saturday January ' • - i
BANKS, DISCOUNT (450)
Alexanders Discount t£i) sw a
AWrf Irish Bka (Ir* 0.23)92 X<nj
Aiabacber (Henry) Hides iSpi is»i te
AwtralLa iNZ Bfc* Grp (ASll 323 7
|k America Cpn Rn.5$25) 522te (I2,*i)
Bk Ireland (US 1) 253 ^ 1
Bk Montreal iCS2i 9 itk* .47 OS/ll
Bk NSW (Lon Real (ASH 160 70 2 1
Bk Nora Scwfe (ibn f’jV
Bk Scotland (£1 1 488 70 S S
Barclays flfil) 440 1 2 3 5 6 9
Brown Sftiplev Hldgs. <£i) 22 s 5
Bt ' Commw » fKn '
2ater Allen HWgs. PLC (fill 2S0 2 300
Charterhouse Grp. K.C 72 v. 3
Chase Manhattan Corp com CUSJ12.50]
271 . hi. can;
Citicorp CM) I2u>
Clbe Discount Mdse cropl n 7 <u 9 20
Commerzbank As DMSO (Cpn 41) 30.1
non 1
Cotnracmie Pin De Paris De Pavs-B
FRIOfVfflri (Cpn 1781 IBi. (1H1
Deutsche Bank AG DM (Con 37W11S1.
Gerrard and National plC 237
Gillen Bros. Discount PLC (£1) 175
Grin Slays Hldgs. 20o 1
Gulf] ness Prat Grp. PLC 80 2 3
Nornfaros PLC £2 CSOp pd) IS'; 03(1) Sp
■145 9 SO
HHt Samuel Oro. 156 74JM
Hang Kona Shanghai BkS Crp- «*».»)
133 4 6 7
Hardys (teutons 357«
Highland Brewery 70
hwergoraon Distillers (Hldgs.) 1504
Irish Distillers Gp .ilrOJSi 50
Macdonald Martin DUB. A 350 OSH)
Minton Thompson Ercnhcd 67 a
Morimd 207 (S/1)
Scottish Newcastle Brews. (20p) S3 k t
4 >1
Seagram NPV 2 3V IBM)
S. AJrican sms. (ROJO) 197
Toma tin Di*t£. 60 1 2
Vans Brews. 10(3 .. . .. _ ,
Whitbread A 04 5 7- New 4 W 5
6's 7 . Do. B 89 MM). New 8 86
Whitbread Owst. 96
Wohwr fcam pton Oudhry 294
Young A (Wpl 235
BUILDING SOCS.
Nationwide )44.«W* .90 Ub. VI (12fl.
. IGVPCBdS. 99D» (1171)
Associated Leisure «j») 78®,
Associated Newspepora Gn> 168 70 3
Associated Paper industries 45
Associated Sprayers (IOp) 26
Associated Tooling Industries 52 (11/1)
Astra industrial Grp el Op) 11
Atkins Bros (Hosiery) 54 WU
Audio Hdelltv flOp] 14 5 02(1)
AuCkStrenlc HMgs. (100) 6te
Ault and Wiborg Grp 28 (ISO) _
Aurora Hldgs. 17 8. BpcPtT (£1) 300.
BJtaocPrtrfil 1 29i; OSfl)
Austin IE.I 28 tB/1)
Austin (F.j (Leyton) riOpl 6h
Stock Exchange
dealings
Penttend Industries CJOrt^^O
Pentos 1B. DM. ^ONL fZOW 1 3
<1 apt). lipcLn. 1990 ,55, t 1 ?t)
Petbaw HMgfc (10w Jg'i J( 13 »l>
Peters Stores OOpF 75 8
Prtrtxan Group (iltert 66 9 .
Ptucom (10a) -10 20 1- . &***■ «1>
PhMps^FMince SteBCLn. 434* (11(1^
Phillips Lames HldBS «V WW1 103 447
EQ 9
PtiHHps Patents (HMssl 94 6
Phocnte Timber Co. W...
«as isSJfVi <nSJ
SSK ‘h.Si'fek.
Nortg H ffIJtfl? ■' .
WaSSt®r p*m*a) Gdidsmltb SttvemnltH
WiikS ^IkhSuTIsp) Dte.te 10 WflJ
M e r ca nt ile (nrae. S4ft S. 4tePcM. 08
Merchants Tat WW» "
Midland Tst. SO* •
Monk* lm*t 7BJ* . ' • ■
Montagu •ostwt. ttwt. < 10 p) kt now
nantiftt w w». •iwtREStt'tti'i
"sr&zss * JrtJap p «*t
HMooroaie. Jurat. Tsf. 14?._jm>m ■.
Ward (Thos WJ Z29-S Uja 30*
Wflri^a^tew?HWBS) 109 ™
Austin (James) Steel Hldgs. 59 rn/1)
Automated Security (Hides.) ClOni 17
nty (Hides.) OOni ITS 7t
SpcPf. (£1) 780 fi3M>.
COMMERCIAL (5,455);
A— B
7 iat B1 2 . SpcPf. (£1) 780 I
BucLn 140
Automotive Products 5)
Arana Grp n&pi 2*0 Z 3
Avan Rubber (£1) 110
Ayrshire Metal Products 38
BAT Industries 346 7 II 0 50 2 3
3 BA Grew 36 7 (13)11
BICC (SOD) 266 7 8 9 70
Phocnte Timber Co. M ..
Phots* (London) 52 (l HT)
Pickles (WHIIaiTO (10n S 1 * (ISIS- A Non
Plf» {, Hfdos 3 (20n 21Bhl 20*. A On*.
Waring GIIlow tnWta) 109 1
sssw &&&&£”?
isftswfi f
Watson PftJ Kateiot <lO«« 7 KlEflJ
Watts Blake- 164« IBS -6 i«i ■ pL,
Weanretf S2'4, NewOril 5p ff**. PtL
IS & curt»
Jossel. Toynbee PLC 52 1
Joseph (LeoPOWl H jdpv 2M
King Shaxson PLC (bopi 52®
114
MMtoM 2. 7'^An.
6EI< ■
Minster Assets 7 a 1 , 5
Morgan (32.5W 26L Ctftl
aaa industries m m:D
AAH Hldgs. 86 8 0
A.B. Electronic Prods. Grp. IIS (120)
A.C. Care (So) 35
AE PLC 47->= 8 9 «
AGB Research (TOP) 2SS 6 .60 2 3 6 7
9 70
A! Industrial Prods. Ig. 3
A.P.V. HWflS. (SOP) 234. lOJtpcLn. 162
asm
Aaronsnn Bros. (lOp) 48 50
Abbey OrtflJS) 40 C12I1)
Aberdeen Const Grp 192 4
Aborthaw Bristol Charm 342®
Afa wood Machine Tools <I0p) 6 (Bn). .
Ord (7£P) 7-), (Tim
Acrow 68. Noowtn A 39 40 1. BHtP-Cnv
Unsectn 45t (ll/O
Adam Gibbons 73 (1311)
BL (SOP! 14 5 7
BLMC 7V0CU1. £49 30, __ .
80 C International 148 9 50 1 2. 9peLn
113 5
BPS Industries (5 op) 316 7 8 9 20
BPC 24i : te 6 t, 1 .
BPM Holdings NV B 87 0.2/1) . _ *
BSG International (lOp) 14 'a 5 t 6
BSH (1 OP) 77 B 9
BTR 331 2 # 5 6 7 8 40
Babcock International 88 9 90
Hie list below, restricted mainly to equities and convertible stocks, has boon p !5 Jd ti(£5f l 3 ? t1 ™
tskon with cons Brit bom last Thursday's Stock Exchange Official list end pitm Hides ( 20 p) 211
tfwuld not be reproduced without p&nrtsgion. It shows ppice* at which business jzopJ Zio <13(1>_
ww dofle in the 24 hours « 3.30 pm on Tbursdfty end sorted through the 13 2
St«* Exchange TaHnrosn checking system. PU*2f corSteu«Ho™ (1
me pneos are not hi order of exscudlon. but in escandino order which PfaHemm (5rt 6h
dwrmas the day's highest and toweet deadng pries. 307 3 8
tor those secuiities in wdiich no business wae recorded in Thursday's pieuoy (5<w 342 3 4
Official last the tatast recorded business done during the previous four Pysm OWMOJ aani
business daya is given whh MfBvsnt deles appended. The wmdjer of boigeinB ■sS3 a L^ftMiS ( 5 w
done on Thursday in each section Is shown against the respective sub- Portal* Hldgs 513 021
heeang*: Unless otherwise Indicated the shares are 25p htUy-patd. _*i*
j Bargain s M awciai Prices.^ ftente done wWi * nop-memtiw or SgStWHPn C °”
e ncag ed hi. orarieas market. bbareihK done prsHous d*v. sa— SA urtratteo HJgf outam (50e) 2
OBahamian: SC — SCanodiani SHK— OHoro Kona; tl— SJsmolcan® SMa— SSm <f ) EnnkKerine
253 4 6 6 7 B 9
Murray. Chdodsie 41<b. 29* -diim . iv. .'
f 67 MW ‘ i -• ■ -- .
'.7? aWU
Plastic Construct! on# (lOp) 27 (1311)
Pfattenurn (5P) 6h _
Plaxton‘s (GB) 128 31 2 3
PlCBsurama «p> 307 8 _ _ _ _ __
Plessey (5W 342 34578950
Webar HMOa. (SOW
Wcbnen Gr>. C5e> 39 Wii
Wedgwood PLC 77«s 8
Wccfcf Assoc, aw Bb ,
Weir Grp- 51® 90>a
CiwPrf 53
?\ b - lOPrt^B ■ bSy^i' Aasw' H
**»*■ *±': *
Murray - Nordiem lowt wi®
Murray Western TT it ••
N i?i Tgssfi**. ■?*:
New +oksO ;9rt»- IMbyBfc ' Wtu *
1920 iirvsfc. :ibt. 78 . -
Polly Peek (Hides) -Z.*,
PDrtal* Hldgs 513 fli/1). 9bpCLii 134*
Weflco H»», IV*
WMHtrwn Bna.er ^BTJO/D
West Bromwl* Surinfljo •
Westem Sriectkm Dewt. n.C «0W 3® 41
WbNlcr'i RiStearmt* fTOp)3ZB.<1 wn
Whmr W«ii 3 (HHB*3
” 2iart
140*13*1) . ' y y. -' I •• •
WhiMIngJWiJiA^Oiawi* •
WMtwortfi Etecrric (WW ItC-WP) W»S
WhrirMle Rttiogs i1®8
Wteteff- (Henry) 1 M 41 OW* ■ ■ .
Wiae<os Groan PLC 08
WflfcdM MHcftcH IS 9-
9ipe
WHIams^eiO 8 HOP)' Ml. 1 * 1 )
»sJ^c5iS"pil?« 8 vafi> . .
Pmr Oredburn (ZOp) 34
Powef'r l*i 2
Pratt <FJ EBghieertng 69^ BpeLn 90
Cti/1) . _ _ „ .
Baggeridge Brick SOI*: tel _
BafloY <9.1 Construction flOp} 15
Bailey 1C. H.) HOP) 6 (13111
Baird iW.) i£1i 173 5i:
Baker Perkins Holdings (SOp) 88 90 1 2
Bakers Household Stores (Leeds) HOP)
14B 50 (13/1)
Baldwin ih. jj nopi 14 nam
numbers Stores HOp) 58 <13/11
Banro Coualidated Industries <20p) 57
Bardsey flOp) .15 (1311). 7pePf. (£1)
go'i aim
Barest 152
Baricor Dobson Group (lpl 7 I* >1
Barlow Rand RO.IOi 418 113m
Barr (A <5.1 2iS nUU
Bw Wallace Arnold 63 <1211). A NV
Barren Dorriopfuents (lOp) 213 4 5 6.
New Ord. 216®
Barrow Hepbam 31
Bart&fl 29 (13/ti
SWi— west mdtan.
MSl^A^ 0 ^ (AST. 159 63
National Westminster f£1> 365 7 8 9 90
g!rBJSs. 4 V ,a, K, New 92Uw 3 . 12 m
Roral Bank Canada CXI) 11 te te Cl 8*1 *
Royal Bank Scotland 134S678li940
1 »» 2 3
Sdiroders <£H 415 ....
Seccombe Marshall Campion (£1) ITS
Security PacHle (SIOi 21 Hill)
Smith St. Aubvn Mh 6*1: 8 91; 40 2
Standard Chartered <£1) 668 70 2 3 5 7
Toronto* Dommi cm (C311 12te <12>1>
Union Discount (£1) 403 B TO 5
Wlntrun OOP) 121 S <12/11
Adam Gibbons 73 (1311)
Advance Servto-s HOpi 53 tt (8rl)
Ad west &p 174 8 9
A oro Needles Grp 22 rail)
Aeronautical Gen Inst 2ZS
African Lake Cpn 28
Albion <20p) 10 <811)
Alcan Aluminium Npv 1IH (8/1)
Alexanders Hldgs (lOp) TO
Alfa-Laval AB 8 13te (9/1 j
A llebone Sons oop) 33>aO
Alien rw. G.) Sons (Tipton) 47 (13/1)
Allied Colloids Grp. C10p) 154 5 7 1- 8 9
Allied Plant Gn. (TOo) lOh Ite 5* 2
Allied Resldeorial tIOtJj 22
Allied Textile 148 (13/1 1
Precdy (Alfred) and Sons SSte
Pran Tools (l.Op) 30
Damdmic «2
Metes
OteP) ite «)1)
etealfe <10 p) 4. a a
g"i? Newman 7(m 3 5 7 %.-ew
“e V ere Hotels 1 BO 2
“whsm* «6f 6 ij 7 H 8. lipcLn. 84
42a, 3 I: 4, 7.5pcLn. 62
D^yn Packaglna GQp) la (W1)
uenwy IHeuryl .Sons GpcPt (£1) 18
•"* 9PC
gesgu tter Bros. (Hidas.) 1 DO (12/1)
R2S lrrt (NldOS.l HOpi 77
“TSJriret Partner (fapl rt 2 MV. A
I Dp) 45 4
dw)
Alpine Hldgs <Sd) 46 0 3/1)
Alpine Soft Drink (10 p) 71
alg Metal Cpn (£1) 555
Basson I Geo. 1 HU as. TO 2
Bath and Portland 66 >« 7 ■: 8
Bailey* e> Yorkshire flop) 62®
Beales (John) Assoc. <20v) 35 t12H)
Beats on Claris 176
Beattie U antes ' 11B
BREWERIES (290)'
Aliled-Lvons 66 *: 7 ij . _
Amalgamated DIstHled Products (lOp)
66p®
Bass 19Sp 4 5 Is 8 7
Bel haven Brewery Group 23 4 is 5
Bell rArttiuri 4 Sons l4St» 6 6. 9'jod.n
Boddmgtons Breweries 146 8 9
Border Breweries (Wrexham) 82
Brown (Matthew) 160. New Ord 159 62 4
Buckley’s Brewery (4
Bulmcr (HjP.i Hides 290
Burtonwood Brewer* Co (Porabawe) 385
Clara 7 '(Matthew) A Sons (Hldgs) 144
Daymwmrts' Brewery (Hldgs) 1.16 8 (13(1)
Deventsh 305
Distillers Co (50p1 1610 2 3 4
Green all Whfttey 116 te 8. A (Spi 38
*12/1)
Greene King 268
Guinness (AJ 62 3 J: 4 &
Amalg Metal Cpn (£1) 555 (13M>
Amber Day Hltfgs czob) 14 ij
Amber Indstl Hidos (1 Op) 34 5
Amdahl Cpn (30315) 53a Him
Amstrad Consumer Electronics 200.7
Anchor Chem Grp 75 (1211)
-o"'MW1 IIUPI f
g^qyttrr Bros. (Hides.) IDO
SS» nop..
J'Dpj 101, II, ill/ll
gewhutt Dent (2 Op) 9 (13/1)
Dh:fcte (James) 16 ^
Beauford Group MOpI 23i,
Boaxer tC. H.) 'Hides.) HOp) 125
Beech am 218 9 20 1 2. '
Diploma nopi 795
g|M»n (David) 1 ofi®
Dixons pf -
. Home Counties ftew spipar * 58 *1 0*1)
Honda Motor (Y50) 1M 90
Hoover 87 a3flL A 85 91
HopMnsons Hldgs. (SOP) 101 (13/11
Horizon T ravel 302 i 5 S It! 7 *a* 9
Hoskins Horton (20 pi 118 (13/1)
House of Fraser 154 5 6 7 8 60
Hook 0 / Loroee 91 jp2f1t
Howard Wvndham CZOol 6<z. A (20p) 6
Howard Machinery 24
Howard’ Strotterinp WMgs.) OOP) £8
Howard Tenons Services 56 7
How den &i- iso 1
Hudson's Sat NPV 9.3
Humphries Hldgs. 16 OOfD
Honslet (Hldgs.) 306
Hunt Moscroo (Middleton! Sp) 13 013/1).
□ML (Sol 7
Hunting Assoc. 'Midlists. 230 G. dm, im
H?rtWgh Gp. Cl OP) 108 01171)
Huntley Palmer Foods nopi Ol 2 5 4
Hurst (C.) 43 <1 3/1)
Hyman O- JJ IBP) H«i 9W)
Pros* TOOIS (100) 30 „
Press BOTHteml &J9W> d Of) 62 5
Prwsac H D Idl ug* (1 Op) B fiSi 1 )
Prestige Group 123 5 7 (8/1)
Prestwkh Porker Hides 27. .
rs easrsLgnf a* <««. •.
Pullman (R. and J.) (5p) 48
Q— Jt— S
Queens Moat Houses (5p) 33 lOtepeLn
g uest Automation (10p) 83 S -
wck (H. and J.) Group. (10P)’44
R.fJD. Grow OOP) 41 <T»1J
Ratal ^reito. 1 ® 5 , 7 ? 3 90 n 2 5 * 5
RmUan/ Mgf WMaM'* »*te T»D
Rank OrgoMsatkx. 172 4_5 6 7 B_ . _
NOPOv.-Stt nHB BW’151 mm •••
Nertheot ’Asnertcari :<I2G. SJJ'BL.-
Oils and ; Assoc iated twit tS.
Outwkh Innb Ifc .Wi T ;
PehBand iso - ' * .-
RIT.(50p) 34 1 3 3 - ; ■ :
Rubsm lov Ttt 144V at erst) :
Rlgbta Issue-Cap 40-- V*”
River. Momcilo 123. 4L .
River Plate Gen DM <913
. 6hT«fat Prw‘ft).®)«o 4 *r* -*»■
•"ST 9 ??
Romney 122*. •
RoMdimoiid : Ik 52*l: CT2m,_fcai
Rmdimwd^'K 52^ (t^g jt, J t» ’ ^
192- I«'3te 4 . nan)
Scottish ; Sties .2*6 (M). A ?*i ram • -J.
WHson (CoanoHyl I* 4 . 9
Wtmney (GttorM) 95 6 -
WfiDpev (George) 95 *
WohHey-HwIi« *09
Woteertwmpton Steam Uwdry (5» 5(2 4
SKSs'ESfcs ,«» *»■.:■'
Anderson Strathclyde 90
Anglia Television Grp A
Applevard Grp 68
Beech am 21B 9 20 f 2. Sue Cnv. 275
(8112
Becchwood Cons. (Hldgs.)- (1 Op) 21
Belam Group >T0pl 120 2 3. New Ord.
120 1 2 3 (13/11
Se/grav* <B/acW»Mtft) 16 (73/1)
Amrtfed tomputer TecfnWtjuw (HfcSri) ‘B/acWreimJ 16 <73/t
«10p) 1521 Wt 2 Bell Canada (CXB'si 810 (1111)
Aquascotum Grp .’5pl 29 «14/1>. A <5o) C 55 n Sy c S, t10rt 11 **’
2 a nan
Arcolcctnc dUdgsi A fSVt 16 t13fl)
Aronson (A) (HMgsi <1 op) 24
Argyll Foods nop M 2 4
Arid Industries 26 18/11
Arlington Motor Hldgs. 69 (12/1)
Armstrong Equipment flOp) 29 1 ; 30
Arrow Chemicals Hldgs. 40 HSfli
Ash and Lacy 955 (17/1)
AsMey Industrial Tst- 48® 9t®
Associated Book PublUhers <2 Qp) 302
riAHi
Associated BrMsb E n gineering tl2teo)
2Gh 7
Associated British Pods C5o) 14B 9
Associated Dairies GiP 131 2 4 5 6 8
Associated Fisheries 70
Bellair Cosmetics tlOp) 11 (SI)
Bcllwar 73 M2 11
Bcmrose 45 (11-1)
Senford Concrete Machinery (lop) 63
Benlox Hldgs. HOpi 25 6 113/1)
Berm Bros. 92
Ben tails <10p) 3B *<
Berec Group 148 (13/1)
Bcrlxtord <5. W.) 120 123456789
gbeons Photographic (10P) 157 8 9 60 2
Dobscw Park MOD) BZ '2 3 H
Dorn Hldgs. MOp) 58®
□onaster (Daniel) Sons SpcDfa 59 (11/1)
Dornda Hldgs. 32 3 03»11
Douglas (Robert M.i Hldgs. 73 (11/1)
Dow Chemical 132.531 12te(13f1)
gowdrng Mill* t top I ZEh
Dowidefarae Hldgs. (IOpi 20 (12/1)
Down, Surgical llOp) 22H
Dowry 'SOp.' 1241; S I* 6 7 8 9
□rake Sc oil Hldgs. tip) 4Qi,
D re* mi and Electrical Appliances (1 Op)
Dnblfler am 54 s
□unite Steels 93
I— J— K
t 3 4. New (Nil pd.) 6 <«
ssje.'hSsit&.jSi •sV-'Jfcs s • “
RU B Gmw Shns and Jefferies (£>1) 147 Worthington (A. J.) (Hldgs) .flop) 17
ICL 30 1 U 2 I: 3 4 . New (Nil pd.) * «*
Hd I 7 S4* hi
rmnawortft"" Morris ( 20 pJ 20‘z 112113.
,cWl/ 2 3°a S 2I I 7 8 9 10 1 2 Ste,4
Imperial Grp G9U 70 h 1 te 9. BpeLn
Dufay B4tu mastic (10p> 44 5 02/1). lOte
Dutav Titan I no 7T 4 (1211
pcilas. Le. iiz ( 8 / 1 )
Dandonlun «20p| 56. IILnCPf (£1) 127
□unMij iaittbh) nap > 255 GO H3I1)
Dunk* Hldgs- tSODl 62 I; 3 >m >: 4
□aple Intemat. 50 1 te 2
Do port lot, I, 14 1
Dwek (1 Opl 8
Dyson a. Jj 82 (12/1). A 70
Berwick Timpa 38a
acstobefl 355 03/7)
Bestwood MSpi 120
Beit Bros. (20pl 44 5
Blbby U.) and Son* (30p) 305 8 15
Biddle Hldgs. 146>; 7
Bifurcated Engineering 32
01 1 lam (j.) 1 lop] 90
Blrmid Qua least 22 >:
Birmingham Mint 166 <12.1 1
Imperial Grp 69>i 70 1 ‘1
iKO^Cnpyt 690 710
Ingall Inds <10pi 37 fl1^D .
Initial Services 243 61 6 tes 7
iSSre&i {!ScR < %- < Sft« 1 Sfte nan)
Intel Tel and Tel Cpn («) 15te
Intel Thomson Orgn tnpvi MO 5 7 0
Intel Timber SO 1
JB HMBS MO?) 96 8 (13/11
Jwtoon (J. H. B.l (Sp) SOi* 1 (IW)
Jackson* Bourne End 1 48
Jackson* Bourne End 14B
James cMaurlce) Ind, Cl On) 22!« 3t (B71)
Jarvis U.) Son* 235
Jcavons Eng. 49
tanks Cattell 40
Birmingham Pallet Group (10p) 36 (11/1)
Bishop's Group 140 (12/1)
Black and Edgington isopi 52 3 4
Slack Arrow Group i5Dp) 34
Alack CPet&i /Hldgs.) 223
Blackwood Hodge 24 'i. 9pe Cnv. 63
1 I 3 /I)
Blagden and Noakes (Hldgs.) 94 (12 0
Blue Oide Industries i£1) 502 3 4 6
: Bluebird Confectionery - HMgs 54®
Bltsemd Bros 21 (11 111
Blundell-Permaglaxe Hldgs. 89
Boarriman (X.O.I (ptenutlonal (Sp) 6 7
Bcdvcote International 55 te
Boeing (S5) S22-I: (11/1)
BoHon Textile Mill <5p) 15 I13M)
Booker McConnell 57 6C
Boosev and Hawke 119 23
Boot (Henryl and Son* <S0p> 180 6
Borthwlck (Thomas' and Sons (50p) 14 5 6
Boulton (William) Group (top) 7
Bowater Core (61) 216 7 8 9 20.
Bowthoroe Hldgs MOp) 188 90
Braby Leslie MOD) 47
BradV Industries A 37
Braham Millar Group (10p) 23 (12/1)
APPOINTMENTS
Senior position
at Lloyds Bank
Mr G. Nicholas Corah has been
appointed a regional director of
tbe North and East Midlands
manager of WCRA’s clothing
division has become managing
Els 116te te 9 (13(11
E.R.F. (Hdgs.) 41 .
Early’* of Witney (lOp) 22 (T2f1)
"East Lancashire Paper 45 (11/11
East Midland Allied Pres* <25p> 100
<12/1>. A 91
Eastern Produce (Hide*) (SOp) 70
Edbra (Hides) 72 (1ZI1I
Elbar Industrial (50 p) 120 (12/1)
E/blef nop) 13
Eleco Hide* (IOpi B9 (13/1)
Electeocomponents MOp) 138
Electronic Machine 38 40
Electronic Rentals Group 79 81 2 3
Eilenroad Mill ii 2 H3/1)
EUlott (ELI 96
Elliott Group a t Petettooraaah (IOp) 38
jeMups <HldBiJ 32b C8J1)
«?*82 (11F1)
Johnson Firth Bream 15 „
Johnson Grp Cteanen 218 (13/1)
Johnson MaCthey ttlj 266 7 8 9 70 2
Jones Shipman 42 4 (13M)
Jones lEowsrdl Grp MOP) 13 Os'll
Jones flOp) 76
Jones Stroud 84 5 .
Jourdan (lOol 62 >* 6 (ISfl)
Kahimazoa flOpi 40 '< 1 <t
Ke)sm> lnd*. 133 5 Ulri)
Kennedy Smale (10 p) 142 (12/1)
Kenning Motor 64 5 ij
KerahM 0 '6o^ S z% 5 (isrt)
Kitchen MOp) 118 20 11303
K«Sk-Mt fl C10pl 47 8 9 SO
Kwlk Sara HOpi 212 4 6. Do. Now
(NH Pd) 30 2 3 4 6
Kynoch 43 (12^19
regional board of LLOYDS Leeds Industrial Services). He
director (rf UL3S (University of | SSSt^JSSJ^ <ld -uk l «i»d
BANK. Mr Corah is executive
chairman of Corah and a
director of Leicester Building
Society.
*
Mr Leonard -Williams has
been appointed to the board of
PEACHEY PROPERTY COR-
PORATION as a non-executive
director. Mr Williams was chief
general manager of Nationwide
succeeds Mr D. C. Soul who is
retiring later in the month. .
★
\ Mr Ian BL Bean has joined 2225 w fi!!i£ r ,!
ALEXANDER HOWDEN GROUP S^SowSSS
as general manager and chief iS$£ n 7 D P "* :r
executive of Sphere Insurance BrfEwJrtGundrv wii
and Drake Insurance. Mr Dean enitoi stadium ~ ~
has also been' appointed chair- a aJ£32!
man of Alexander Howden Go. (i/i'i' , , ,
B rammer (H.J >20 p) 128 '
Branon (£1) ZSi* nz.11
Braswav Hop) 86
Brredon and Claud Hill Lime Works 160
Bremner 40 (811
Brengreea (Hldgs) (IOpi - 45 1 ; 6
Brent Chemicals International (IOpi 132
Bmn Walker (Sp) 52 (13.1)
Brett's Stamping 6pcP» (£1) 26 (8(1)
Brickhousr Dudley (ICw) 37 9 (12/1)
Bridgend Processes (Sp) 4
tills Everard 127 (12/1)
Ellb Goldstein iHIdgsi (ISp) 22
Elion Rabbins 22 4 S
Elswlclc-Hopper >5pl B®
Elys IWlnnhll-dor) ZBO (12/1)
Emess Lighting 120
Empire Stores (Brjdlordl 66 (1311)
Energy SwwKe* Electronics flOpj 24 ■>
England *U. E.) Sons (Wellington) (Sp)
27 112111
English China Cloys 146te 7 8 9
English Electric S'secDb 95': (13/1)
Epicure Htdns (5pi 31
Eiperana i12';ol 135
Eucalyptus Pulp Mills 220
European Ferries 77 *j •« 8 9
Eurotherm Intnl (IOpi 230 2 5
Eva Inds 29': 30
Evered Hldgs 20'?
Erode Hides i20P» 771; (12111
Ran Kune Hoffman PtftaPd 7Tte 4 >* a ***■
rSSSwT Stei^iid Jefferies (fil) 147
lUMifte (Gt, Bridoe) 64 curl I
Rainers (Jewefteral flOM 39 U
Raybeck OOP) 39 4£i 40J«J 1 2
Rcodlcut Htt. (5M 18
Rcckin and Coimjte 2SZ 4_6
Red team Nat. Glass 134 7
Red I fusion 18B
Redland 164 te 5 B 7 6 9
Redman Heenan Intel. (JOp) 48
SS3
ReJtanoe^nHww- 04 6 (12/1).
Relyon P4.W4 104 (10m
Ren old 39 40 T 2 - ’ ’
RoirtoW Grp. (JOB) 193
Rrnwlek Grp- 85 #13/1).
Restmor Gro. 80 nzvl)
norm ore 19': (13/1)
Ricardo OtwvMiWno ElWriL 420 8 (IB/1)
Richards nop) 17te
RJctrarrisons Wrotgarth (SOp) 22 S «j
Riley (E- J.) ElOp) «6 8 (13/1)
Roberts. Adtard 103 5 <1<VD
Robinson (Thomas) 49 SO
Rock Oorhxm dOel 9
Rockware Grp 54® 53
Ropcer Hidoi 2(n (any. A 198 20T
Rotaprint (ZOpi 8
Rothmans rntef 8 (TZ.'a>7 74 te 5 te
Rotoric (TOO) 41 3 4
Rowan and 8 Oden 27 02/18
Rowdnson Cons tru ed on* Gre flOp) 43
(12 m
Howntroe MacMntosh <5 Op) 158® 1S8
Rowton HateH 138
Royal Worcester 160 2 (13/1)
Ruberofd 91
Rugby Porttand Cement 79
Russell OAtaxaiMfen (iort nao ite 2 (13F1»
Ryan <U) Hldgs <&& l®te 3te
SCDttMl . Otlcs .246 (W). A 741 • am : ■ ■
ScottWl Sjutm .761* 7 .. V-.- “v 1 )
Scottlsb I ITT Tit! T2S «-r- - '*•")■ ... •
Scottish- Mj rt WM . T » TS 2 _• V?
SOMXMi Natl ST. Do (r oKJ.Sl vV
Sc^hUr-NortlMrn 88 S ' f / . s‘ '
Scottish Ontario' 78te . " ■ .: 'i :
Sax Osh utd Investors SO^J ' js.-.f „• \-j
Second, AIIUnca.2252 5 tetlP.i : . ;. . . i
Sees -Tst Scotland 98.102 • , . , ■. ■ -.-'r.
Sblre*.(50p] 121 (1341) - . ■..*•_-
StorHog Deg 200 . j- ..
aoritta^re Far: ; E»t ; Inrast Jlgc/01>-; ;• >"
Tcchnafogy.' InwtttnMfit Trtttt T5± «;(■'
Ttenplsr Bar hwastmmrt Trust ' M4® J ' ' : '
pwwwrtM Trap iob h . . ' - ;V
Tor Ttwestmut Trust J* wL'Gp iu ' ; ..-t
•Traos-Ocoaoic Trust 78" - - . . 7^. : . !i0‘
Tribune limRmoat.TfVtt 94. te s •
!*** :*■ .: v;i-
Yorkshire Chemicals 3H 40 ,x.
yUSte'S? Fta/wSilen »taim':aOP> 24
Ss®w curt* 64 ■ te ■ - ■ ' ;■■ ■ '
FINANCIAL- TRUSTS CM*)'..
Atfcen Huow 166. lOpeJji l MO-91 '85
sin I then 15S M . ’ , -
Anglo- African Flnanew (7teS) 3® OI/IV .
UMtpd British SeouriHos Tnat 18®'* - •'
CHMed States A General Trust. Cop m 7 j>.:
In) • . - % 're 1 .*. v,\"./ !■’ I >
U"Hm* States Debenture Oonb T«: hii I
Uodow i t Inrocbneet CO 90 WT 8 • .C
VJMno. Reootesa .Triitt 80... V 1* 1 ,
.W*tt Coast - * Tma Rea In* TKWh ta -*
■■Subadrw for- Oro 23 .CWI)- ^7.™“- . . .vpi.'.
^“^^SiSSraSi' Vi 8 r \\%V
AHfhflrtv Inw MimM M tZOp). 31 Cllfl)
ISSUBfSF&ZT^
Eta?!y Mall ond JGewral Trust <Mp) 358
Ctawes «S.°£) hoSinas 12_J11.T>... • .
BjSTt pEm**:.?*
Yooma n * hrestmtnl Troat tlB . - -<
YorfaWre & Lancs HwestnwM. TUm 2». '>0 "'
Ywa^ Companies Inr Witafc^ttU-.tSte
; ’ UNIT TRUSTS Wf : 7- ’
*fi m?* G American ' Gerteral'' Fabd' lpc -f ■ I
, Units 89 70.(13/1) • .
M and G American-. Recovery Fond' inr
J/Mts 78 81.8 <11/1)T / . -
Dawes CG. *.) Hofi tags _1 2jp JfU,
East Of Scotland Onshore 52 £1*1111
Electro Inrast. Trust 82
English Assn. Group 150 (12/1) , .
Emte House * la >
EX-Lands (TOO) 10 CLKI) , . _
Exco interngtlonal C10«>_ If 1 S 4 8
ExDtoratto-i (50) 30 (12/1 >
S and U Stores 1-1- 6130) .
SG8 Grp 148 7 ■
faatchl and Saatchl MOPS 380
Saga KoHdays <200) -T38 42 flfiVff)- New
aops T38 c&cn -
SamsbuiT (JJ 495 SOO 5' 6
St- George's Gre nop) 86
frzsrs. go- 17®.
3. WrmQ. to sub. 2U ,®teps Subard.
3t«s ZiiT xnwat ****** - ffSfi
M (1 i/f) G rmA J** 4«te ’ '
M. »"d G Second General TTOtt .Foorf' L.
(SdiSurwrt Jw8 ®MunaY ■ G«W <5«)
Gresham Invest. Trust* 79*1 8"f
w Ui -
MINES-— MlscetlMifeofl^ - ^2^ -
AM AX toe Com (511'S4rfre '
Afex Corpontlon 0690) 2a . ™ ™
Aputoamatan T/o Mine* of NJoerta Vhta^i
StJ Gotein-Pont-A-Mousaon (FriOO) £13*. Ha sbro Trust 1 3SS..S **< „
Sate Tllnev .198 9 Cl 3/1 ) Hsaroton Trust <Sp) 24 (T3M>
(HI dpi) (2Dp) 26 (11/1)
*051 2M (1-3/1)
Excallbur Jewellery (5pi 8 (12/1)
Execute- cl oures rzoai 12
Building Society and is the Underwriting ' Management Mr
immediate past-chairman of the
Building Societies Association.
★
WALT DISNEY PRODUC-
TIONS has appointed Mr William
Shultz as manager outdoor
recreation Europe. He will be
based in London, and will work
on travel and theme park
marketing projects throughout
Europe and the Middle East
*
Mr BL David YendoU has been
appointed to the main board of
the BIRD GROUP.
1e
Dr Hans J. Queins, executive
president of Pracht GmbH and
Co KG Haiger, West Germany,
Dean was deputy chairman -of
Excess Insurance ' Company, -the
UK subsidiary of International
Telephone and Telegraph.
★
■Brtitol Stadium CSnl 45 (T3I1)
British AOTOSD3CP (50o) 200 1 t; Z 3
British American Film Hldgs. (Spi 77
(Villi
British Aluminium (SOp) 60 1
British American ^Tobacco Investment lOpe
British Benzol Cartronlstna nop) 18 ('13111
British Build and Engineer Applances 63
Execut-gc clothes <20 pi 12
Expanded Metal 56 8
Extel Group 235
SENTRY INSURANCE GROUP
(UK) has appointed Mr David
mddleston as dire ctor and
general manager of CITY 07
WESTMINSTER ASSURANCE
COMPANY. He replaces Mr
CoBn Langton who will take on
general management duties
elsewhere in the group.
*-
British Car Auction Group Cl On) 76 7>:
British DrmJalno SI
British Electric Traction Old. Ord. 137 8 9
40 Z
British Home Starts 125 € 7 8. 9pcCnw
Ln 1992 97 9
. . . ZPLC .
British Mohair Spinners 45':
BrlrKh Northrop <5QP> 1* „ .
British Rayephanc S.ZSoc Pf (21) 3B'i 9
Bribih * Steam Specialties Group (20»1 90
British Sow Cpn. fSOu) 57 3 5 8 80
British Syphon Indust. (Mm 25te
British Tar Produrts ' IOpi 40 1
British Vending Industries flOp) 15 11311)
British Vita Co- 1 40 1
Brokeo°1?ill 3 prtrorietary (SA3) 568 70 2 ,
X <5 AQ A
Bronx Engmeerino Hidos. tlOp) 13 (12111
FMC 56 (12/11
Falrclough Constrctn. 137 B 9 in
Fa/rdale Textiles A Non-vtg. I5pi 18 (ICfl)
Falrilne Boats nopi 37 ili/ii
Falrvlew Ests. (50 p) 94
Farmer is. w.5 1380
Farndl Electronics (20 p) 547 8 ST 7
Fashion Cent. lov. (5P> 223 (Ill'll
Feb Intrrnatl. (IOpi 95. Do. A N-V (10p)
7 S a
Feedcx AgricL Inds. nopi 33 tilth)
Felixstowe Tank Dvlpts. 7':PCl*XML.Db.
6Z'_- (12-11
Fonnzr ij. I-I.i 145
Ferguson I mil. Hldgs. 72 3 6
Ferranti (50 p 1 638 40 2 5 50
Ferry Plcbcrmg (IOpi 69-te 72
Fidelity Radio (lOp) 45® 7®
Fife Indmor 93 <&'1i
Fine Art Dvlpts. (So* 50
Flo'an (John (top] 142
LCP 60 1
LRC HOP) 39 40»:
lwt a nv 113 nizrn
LMbroke n Dp) 12S 7 8
Ladles Pride Outeramr <20p) 42 te Cl 3/1)
Lomib 52. DO. A SO 1 2
Laird 126
Lake Elliot 36 8
Lambert Howarth (20p) SI (Y3/1>
Lamont (IOpi 18 (13/1)
Laoca CHIP) 57 F12I1)
Lancaster (5«i 230
Lane Lion) 4G
Laporte lnd*. (5Cp) 13(1 tei Zt 2
Latham (fill IIO
Lawrence 133 (13)H
Lawtex 44 (I2ri)
Lead Inns. (50p) 155 6
Lf-jderilush (IOPI 26 03/1)
Lk 184 7 CIO(I)
L«e n2tep> isu 6
Lee Cooper 1I2S
Leech iWIIHim) (2a P) 85
Leeds District Dyers Fin fell ers 70 t < 12113
Samuel 'JHJ 21 S nz/li.
Sanderson Murray and Elder (HMgs) <500)
38 113/1)
Higticrett
India* pe
Inve stmen t Trust . 07 1 fit tliltt.
fftsa’-Ava
Lite Liohn J-) (10p) 46® ,
Leigh interests *5pf lOO 2 3 te ,
Lcnnons Group (10p) 52. New flop)
Lep Group n Op) 277*
Lcsnev Products (SB) 17.(1311)
art?*
Sandhurst Maritatteg (TOP) 49 Cl-lrt)
Sangers Grp 40 2 4
Savllle Gordon U.V Gro flop) 46 8 ( 12 m)
Snor-Hotel A (iOb 9 1BQ mil) .
Scaoa Gre 139 H2TI)
Sdriumbfsper (SI/ 2 6 te 9
Schofes (George H.) 260
Scntcros 98 (13/1* .
Scott and Robmaon 23 I 1
Scott (David) Gt® 23 (13/1)
Scottbb Agricottural Inds. ttl) 188 72
Scottteh EngHMi European Textiles ,C80p)
SrottMi Heritable Site C13/1)
Scottish ke Rtek (£D 205®
Scottish TV, NV iT (JOp) 75® .
.E&tt**;*'
security Contras flOo) 121 3 4 (13(1)
Security Services 192- NV A 189 <13(1)
Setters (IOpi 161; 7 te Lllfl) 1
SeHncourt £5p) 9te 10 te
Senior Engtaenrtnn (IOW 21 Ij
Shorn*! Ware C20p) in 8 (8/1)
Independent W1K 7 40
InvMtment 26 £13/1)
K el lock Trost
1(S£. &1 and “2 ~ma wmw mmasreGIL
S ts%
^ «S!{ .
Coropfldirird Gold .Field* «»'*», < >• • *».
7.9 8-40 2 4 5 8 '
De Beers Consol M/oes JDfd <3IDJ90t'hbal *
fgnia? 3Z% 7 9 40 3 V V- aw-
nldHn ■«*- e«A dd *14* _ •* ■* M 7—* - *
Mills and Allen Inti.. (SO p) 445 50 60
Moorgat* Mercantile Hldgs- H<W iW
.Murray Technology. Inwti. «S #1W1)
NjNLC. Invfb. 12® •
Neyrm a riaet Company 289 Cl *1). Oa New
383 5 8 1
Parambe flop) 17 (Bfl) . :
Precious Meals 84 fl3,l) .|
Provident J^nandal Grp. .115 . .- -
Sima Party 73
Stanrt^EMtivrUt. (TOP) 381 (1 W12. DO-
Wirrants to Sob. for Ord. 10 fl®fl)
Unlsec Grp. 138
Lex Service Group 93 4 6__
Loyiand Paint WallniPer 37
Leys Fovndrite CMtaoerfng 18
lIBSTTf.’^O 50. New 1
S/uree Fisher 37 012(11
Shi roe (W. N.) 423®. A 420 412/1)
Shaw Mandn flOp) 1 &te 7
Show Carpets (lOp) 1G «12/1)
Show af.) (zopi m 2
Sheffield Brick 32 (S/1)
Sheffield Refreshment Hooses 88 (B/l)
Sid law lnd*. (50p) 216 8
Slebe Gorman 167
Sltantnlght HOp) 93
Sllkolene Lubricants 175 8
Simon Eno+n earing 380
mg-hsnsi iww ^ 2
lSS ^1^,165 6 7. 12pcLn 1988-90
Link rtouse Publications <20p) 250®
Lister 30 1 (1 2)1) _
FlnJav fjamesr 94 5 7
Finlay Packaging (Sp) 26 (11.1)
Firmln Sons 54 H2‘1i
utd. Computer ahd Ttechnology Hldgs.
(50p) 80 2. Do. Werrants 30
Whop Fin. 4 off ffO/IJ ’
WaaoT) Fin. 4 Off ffO/II
Welbecfc I (rests. (10p) 29 <WI>
Yorkgreen (10p) IBte H1H) „•
Yule Cttto OOP) 80 (11/1)'
INSURANCE (276)
Brantneli Beard (Hldos-i .(10®) 32 C
Britannic Asurance (5n) 254- 8 -
Commercial Union 108 4 5 6 7
•EgM? w-ga^j-sS?-.
Peoofcilen dOp) 3Z0 2 .* I •- ' . £??,
: -
SI lv ermine* flr£0.02li-72 - ’
?i n ^i) Cort ^' <u ^ 1 ' lnv (5Sj"S5 te .
First Castle Electronics MOp) 84 6 (13/1
Firth (G. M.i OOP) 195 6 7 8 200
Firth (G. M.i (10p) 195 6 7 8 2
Fisher (Albert) (50. 12 3 (12 11
Flams 158 te 60 2 3 S
, Eagle Star Hldgs. 305 6 7 8 9
Edinburgh Gen. I IB, 15 (10/1)
Equity Law LKe 370 2 4 - - - —
General Acc Fire Ufe 304 3 6 8.- -
Guardian. Royal. Exchange 282 4 5.67 8
Hambro Lite (Sp) 31 1 2 3 4
Heath (C. E.) (20p) Z75 7 9 . . . - - --
Hogg RoMnsotTGtoop .108 10’. ■ .
- Howden (Alexander) Warrants log A in)
Howden (Alexandafl Group (IOpi 126 9 ..
' 30 1 , 7 J. . - . • . r -
Legal Ganoral Group 201 2 3 4 5
London Manchester . Group 215 L &>« 40.
London United Invests (20 p) 202 3
Marsh McLennan (31) 16lt
Ml net Hldgs (20p) 139 4d 1 .
Peart Assurance (Sp) 370 4
Phoenix Assurance 219 20 ,z • V 4 -
Prudential Crpn .220 1 2 3 4
Refuge Assurance (5p> 220
Royal Insurance 328 9 30 1 2 3 4 S
Sedgwick Group (IOpi 147 8 9
stonlurase Hldgs 95 6 8
Stewart Wrightson Hides (2QpV 218
03/1) ‘
Sun Alliance London (fit) 816 8
Sun Life Assurance (5n> 307 8 9 IO ..
Willi* Faber 372 3 6 7 *
15pcLn. 183
Brooke Bond Liebig 47 J- 8 te 9„
Brooke Too! Eny-nccrinn (Hldgs.) 29
Brooks Y/atson Grouo rir£0.20i 23
Brothsr/rood (Arlen (SOal 142
Fltxwiltan (EIR04S) IEO 36 03 1)
Fletclpr a.< Bids. 10«x:Ln. 55 (8 fi
Mr Arthur Ryan, managing
director of PRIMARK STORES,
has been appointed chairman in
succession - -to Mr W. Galen
FlcxcHo Castor* Wheels 38
Flight RefuelLng 270
Fobel Internal). (lOo) 21
Fogarty OE.) (30p< 79
Folkcs (John) Hcta t5p) 15i- (13/11. Do.
N-V rfip) 13
Footwear lnd. tars. 66 (13.-1*
Ford Intornatl. Cao. 6pcLn_ 62te (8.1 l
T tePCLn. 68 (12/1)
Ford (Martin) llOp) 23«; 4
Ford Motor BdS. (1 2Dth sh. NWB) 50
non)
FormiWter OOP' 110 tlllli
Fortnuni Mason '£l> 720
Forward Technology Inds. 60
F os era Mlnscp 181 2 3 4
Foster Bros, nothing 54
Faster tjohnj Son 26'j 7
Fat herein Harvey HO l.’a (12.1)
Francis Inds. 75 (I3.u
Francis Parker (IOp) 21
Freemans 120 <131>
French Kier Hldgs. 9! I':
French 1 Thomas). Sons ilOo) 105 10 5 1
FrldBland Doggart Group 84 tl 311 )
Future Hldgs. 78
Brown Jackson (2CP) 25'tt 6: 6
Brawn wd Tawse 141... . _
Brown Boeerl Kent (Hldgs.) 21 2
Brawn Bra*. Cpn. 8';DoLn. 1590-95 54
subsidiary of Hapag Lloyd — has Weston. Mr Ryan will continue
been appointed to th e board of
TRANSTEC INTERNATIONAL
as managing director. Primark
Stores is a whoily^wned sub-
orn*
Brown (John! 53 5
Brownlee 61
Broimlng Group 92 3 5 02/11.
773
Brunswick 94 ,
FREIGHT SERVICES of Read- sidiary of Associated British Brant on* (Musidburah) no
ifirv 1 tv- Prsrht hnMc * !?0 ner ?? 4 5 03 1 >
ing, UK. Pracht bolds a 20 per
cent equity stake in Transtec.
*
Mr Robert Graham, chief
executive of Voluntary Health
Insurance, Dublin, has been
appointed deputy chief execu-
tive of BUPA from April.
■*■
Mr Alan McLintock has been
appointed to the boards of
M & C GROUP and M & G
LIMITED.
*
Mr Stanley J. Stanton has
Mr Graham Gent, who joined
DARCY - MACMANUS AND
MASIUS. London in 1961. has
been appointed financial direc-
tor. Mr Tony Douglas, a board
director at the Lintas London
agency, moves to Masius as a
board director on January IS.
*
Mr Gerald <Geofi) Bailey,
director product planning in the
international a-v and video .
division of BELL AND i
B alg In (A. F.) (SOI 25 CD-I I. A (50)
27i; 3 : (JL1) „
Bullauoh (20p) 142 (13 1)
Bulmcr Lumb <20p' 36'; (13-1)
Bare) Pulp Paper 156
Burco Df*in 34
Birgnss Prttfe. 43 HJ'1’. A 40 (12'.1)
Burndene li’riih. «15 pi 7
Burnett HallamtMrr 9';_
Burns- Antler-son ■ TOP) 25's -IS.’li. Hoc
Ln. !6
Burroughs Carp. t55i S34', fllj)
Hoiroughs Machines 5-."BcLn 69'. (12.-1 )
Burton i50p) 130 1 2 Warrants 45
Butlln's GteocDb. 64 >12 1)
Buttrrii rid -Harvey 20 1 t
London Northern Grouo 36 7te . ,
London Brick 69 <s 70 te- 14pcLn 1984
119 113/lT ... .
London Payfllan l£1> 5
ISJsSTA^WdVIk’Vte s <i2/i)
MSta 7 U«?39ti3/D
Loafcers_4fl 9 (U/J).,,.
Lovell (G. F.) 54 <13/1
Lovell iV. J.) .(Hldgs) 2
Lovell iV. J.j. (Hldgs
Low Sonar (SOp) T*i
Low iWm) <20p) 18-
tE^lS-SS^fiWaW B te 7 8 9 te 21
Lvle* iS.) i20p) 74 (12/1)
Small Ttdmu 55 (13/1)
5maU*haw (lOo) 16 (12(1)
Smart (IOp) 55
5m«h Nrehew (IOp) 100 te 1
Smith oau 94
Smith (W. H.i (Hldgs.) A <50p) 164 fife
(13F1). B CIOUI S3
Smiths In dusts. (Sap) 385 60 2 3 4 •
Smurhtt U-) Gp. (IrfiOJZS) 70 2 _
Sohcitors Law Stationery Soc. COp) 24
(11^1)
Somportex Hldgs. 123
MFI Furniture Group. OOP) 56 8
MK Electric Group 235 6 8 40
ML Holdings 320 (12(11
MY Dart llOol 28 1 13(11 ... _
Sonic Sound Audio Hldgs. flop) 95 (12/T)
Sony European Dr*. 900 (Bn)
Sotheby Parke Bernet Go. 345 GO S 9 62
Sound Dtffrelofl CSo) S5te 8 7 '
Macjrthvs Phann. tZOpi 112 3 5 7
McCorouodale >50 p> 135 7
Sparrow iG. W.) aoo> so mate)
Spear Jackson Intnl. 92 (13(1)
speedwell Geer Core 24 on) _
Soencer Clark Metal Indust*. OOP) 16
Spencer Gears (HdHn-) Op) lOte
Spencor /G.) 22te 3 0 3/1)
Splrax-Sarco Eng. 14S 6
Spong (IOpi 19 (B/1) .
Soring Grove Services ft Op) 84
SoulrroH Horn <1 40
Staffordshire Potterie* (Hfdgs.i 34 ( 121 / 1 )
Stag Furniture Hfdg*. 98 02(1)
G.8. Papers IBi- 9 (11:1)
SEI Inf. (IOPI 69 70
U K. il^gs / j. J#
ri^tor P S? SSI H0WE3LL, has heeTtlectoTto
(BramNGILSli With^ousi- °^p e an d y ms S' s
bilities for overall management fKSlu 3Sv P y ’ and
and future development. He was
sales director of Beiliss and *
Morcom, an NEI-APE company. Mr Alan Marshall has been
* appointed to the board ol P-E
The CROWN AGENTS states CONSULTING GROUP. the
that Mr Peter F. Berry will join
the board of management as
director. Asia and Pacific, on
£?.£i 1 i. Benjamin P. Wong has ' Cartv*r>ah: (5.1 flCO' 450 6®
re?® !l A 0r i' t ^nv,Jfro« been a PP oi °ted a director of I 5 ’ : 4ia l '
director of The AnsJo-Indonesian swTRE PACIFIC OFFSHORE, couiion »s.r jowpnj Son 29®
Corporation. a f U u y owned subsidiary of Siroads'ilK*' 1 * 1 8 ‘ ;
, * . Swire Pacific Limited. Mr Wong 1*0: n
Mr C C J. French has been who is based in Hong Kong is cenwnt-Roo«nto^ ‘ 2 r E 0 ,-«) irto.Bs
appointed vice-chairman and Mr the managing director of Swire cS5Sl^? < r3 ,c ^(ta» B ro i.‘
D. Broome deputy managing Shipping (Agencies). cmSsSSI!! hiWs fl C i?i . 46
management consulting arm of
P-E International.
C.H. Industrials ilOoi 21 >i* te (8.1)
Cable wtrdtsi ■ 50pi 214 5, 6 7 8
Cadbury Schwcoccs 64-: S 6
Caffyn* (53p> 123 30
Caird < A. i Son* <£1 1 240 5 _
Cakehrcad. Rquot A »10 p> 35i- <11. 1»
Caledonian Auoe. Cinemas 8«o 4 |12:-1)
Caledonian Hltrtv StePCLn. 64
Cjmbvidae ElecWcnfe lnd*. 92 3 4
Com'ord Eog. 17
Campan Intnl. <20e< 40 2 3
Camm f20p) 42
Car-adian Pacif): Enu. 7 45
Cann.ng tv /. i 5S 6 7t 7 ':»t 113.1)
Caniora A «20s! 39 HSrii
Caparo Inds. 1QO
Cape Inds. 156
CaptXT. Neill tJCpi 53 >: 9': 60 1 te
Canscafe i5o> 34 *13 T)
Caravan-, loc-il. (20 p* 21:0 _
Cacdo Eng. 70 (13 1). lOacPf. (tl ) 76 1
9 : : '11 1)
Car lev. Canei Leonard HOni 160 12 3
Carpets Intnl. ■‘Mol 22';
Carr Matin) 61 <131)
Carrington Vivclla 13
Carr's Milling ImSi. 72 «1lrl)
Cartwright rtt.l (ICO' 450 60
Casket *S) <10o« 25>: <12. 1»
Cattle'* (10B- 24 5
Camion *S't Joseph) Son 29®
Cardaw Irtgurlal 3 ■;
Cawoads 195
Uancra-LMIev lnd 1 .. ihoi 27
barton tng. (IOp) 24 -11. ij
bailors Hudi 10; 1 113 1)
bosketl Broadioom ilOoi 36te (12 '1}
Gate. I Frank i 49
Gaunt Rawlandt 50 1 (13;f)
Gen Gross ilftal 100 2 S
Golfer (A. J.) -200) 47
General klectr.c *2.501 SS7-1 (11,1 1
General Electric U03G> 4® 5® 79S 6 7 8
3 E30 1 2 3 4 B
General Electro Fltg Rate 99 te® £99 te
MtKechnlc Bros 93. lOpcLn. 88 (12(1)
Macnheraoii iD.l Group 69
Magnet Southern* 132 4 6
Managoment Agency Music flOp) 120®
Mandora 'Holdings! 164
Manganese Bronte Holdings 28 9
Manor National Grouo Motors i20p) 11 te.
1 2ocLn. 50
Marchwlel T15 .
Marks Spencer 129 30 1 te 2
Marley 42 te 3te
Marling Industries (IOpi 30 (8/1)
Marshall (T.) A NV 35
Marshalls Halifax 80 (1 3/1)
Marshall's Universal 73 (1-3/11. TtepePf.
64
Martin (A.) Holdings (20oi 22 fl3(1)
Martin-Black 36 te 7 te 8
Martin The Ncwuocnt zso 3 (13/1)
Martanalr International (20o) 215
Matthews (B.l 108 10 H3/1I
May Hassell 6G
Maynard* 1GB «3I1»
Meat Trade Suppliers 89 92 (12J1)
g gag" «?«!!»
'zo^ , 2 M B &>B - Cpn - H W«.;OAaU»219
Msaw ~«B-^ "9
MWES-Santiii Afrlean; al8)
Ang/o Ami Cpo. SA (RO.lQ) .eis s> -ro
“^opraitMebt- GgM Mtelni AHOOS) *45 • jC
-BraOrinv Mine," (Rttgort i -vsT
-KS g' r **j "tal (RQ-gor i o/ 1 ‘ -
5 uffel * ( 0 (Ttein Gold -Mining (d?i « u
Cored. MurwiJaon (Mo.io? ^sVajiv ^
Coronktion Syndlrate (Rol25v
- -i.1
ffl”a oer .V* ■
IS V.ppJ 17 ai^av
SS 52S
INVESTMENT TRUSTS (429);
Aberdeen Trust 125
g &y v'rT jwi* 5
Alisa Invest 4Bte®
Albany Inven UOp) 40 U (12/1)'
Stakls rReo) Ore. (ion) 52 3
Standard Fireworks 70te
Standard Indust. Gp. 33 flCfl)
Standard Telephone* Cables * 38 40
Stanley (A. G.) (Sp) 4©te 7te
Suveley tadusts. (£1) 223 5 6 7 30
Stavart ZJgomala (HIdasU ao» 130 6
( 12 m •
Stead Simpson A 52
Steel Bros. 233 S
Stectley 162
Steinberg Go. (IOpi 76
Sterling Industs, cs'ipi 30
Stewart Plastics 107 8
Stocktake Hldgs. 109 10 (13.1)
Stoddard rHIdos.) A 14 (1 1/1)
General Motors Corn iSI O 19‘, (13(1)
Gestefner Hldgs. 50 tail. lOpcLn. 63
ill Ii
C-b^-, Dandy A (10o> 16
Gicvn Group 2001 34
G'll. Duflus Group 156
GU.iflc/d Lawrence J6 •1Z<T/. 8 23 tll.1)
Glasgow Pavilion i10p> 41
G'asj Clever Grouo >5 d> 110 '11 1)
Glavo Gp GtepeLn. fSOfl) 24 tSMi
Glaxo Hldgs- CSOp) 440 2 4 5 6. 7>;BCLn
£167 : 8 9
(Hecsen (M. J.) '10ol 92 «13.-1i
G10SI3P 72 113(1)
Glvnwcd 102'. 3 '■ 6neLn 67 •
Gno-nr Photographic Prods (IOpi 52
Meiilns (5p) 6
Melody Mills 19 (13/11
Mcmec •Memory Electronic Components)
OOpi 213 5
Menxics ijohni (Hldgi.l 217
Metal Box (£11 160 te 2 4 6
Metal Closures Go. 107 9 CUiU
Metalrax Gre (5p> 38 te 9 te 40
Mtttoy 19. Ofd. 10 (13/1)
Meyer 'Montague L.i 68 9 »: 70 te 1
Albany invest (2 Op) 40 la (1
Alliance Imres 93 *m *■ (13J1>
- Alliance Trust 268 .7. 8
Alttfund Cap 188 '13/11 .
(12m r - ‘««W 5814 8
winunu MW I DO ItJJW , . I n.lurna U14. IKI
A 77 bl B B *- ,w ** t ,nc ;C12H). -.Care I KtareGolffiMv.-f^)
Amerfcait Treat 57'j. 9 SB Ml) ' " - f tSIw^Siid^iSS^S';?® 2 *
Anoi» .AffMrtan Sea.. 732. 3 - | Lorta»'^£j7 , !Ai*l> '7.7 (T3/U.
Lydenbura pi-h„.w_ ■ v
AnglOLlKtni «Ste <12/11. Asset 202
Anna Scottish 59te_
Anglo Scottish 4
Archimedes Cap
Ashdown 177 •
Asset Special SB
Atlantic Assets *
■Atlanta Balt Ch
sub 14 (8(1)
s^Cap (^S0») 42 (lim
30 fiaM >
«?t. Chic (IOp) 69 (11(1). Wts
Platinum (Rd.l 25 ) 1S3
"“'JJ^aCoi^ crojS) iSz
gHHe^ro,SS.“rt«r IFod) 98 (1311) JgLllJWT: T~
Hanlren inv- 7iii 2 _ 8 rand GoU
Berrv Tst T3jj ' - _BrO.SH mam .
n ,
ssss isshs, <?7? - 7, ‘ > ffisass"
British Empire Sec Gen (Sp) 14 4 8 “ ura "**9*. (Rt)
Broome deputy managing Shipping (Agencies).
director of RICARDO CONSULT-
ING ENGINEERS. Mr ML J.
McClelland, chief designer, has
'been elected a director.
★
Mr David W. Berrie has been
made assistant managing direc-
tor of BECK AND POLLTTZER
CONTRACTS. He will continue
to administer the electrical divi-
sion's activities.
*
THE ANGLO-INDONESIAN
CORPORATION and its associ-
ated company EVA INDUS-
TRIES state that Mr Konrad
Legg has joined .the boards of
both companies.
*
Mr John Netting* general
manager, has been appointed
managing director of IRD
MECHANALYSIS (UK). He
succeeds Mr Ralph Jacobs who
died in August last year.
★
Mr Bernard Stone, general
Mr Ken Hill, chairman of
WALTER LAWRENCE AND
SON, has been appointed an
executive director of Walter
Lawrence PLC. Also appointed
to the Walter Lawrence PLC
board as a non-executive director
is Mr R G. (Dick) Gaylher,
managing director of the Powell !
Duffryn subsidiary companies '
criaimprii'n p<-.qps nen: 46 i-
Chlinheriai-i Hill 48 <11.1 1
Chambers Fwcn (So. 33
Change Wire >20p1 23
Channel Tmnri Inwms. tjpi 147 112 1)
ChtmrlBa (So) 253 66
Chloritfa 25 6 ./ •’* te -’i 7 te 8
Chrlrtte-Tylor (IOd) 39 40 1 <11.1*
Christies Intnl. »OdI 130 2
Chubb Sou i20pj gg 100
Ctiorth 170 1 H2 1i
Clarke 'Ctancoti 128 'U1)
CUrke iT.i uOai 43 (1 21)
Clay iRkharei 42 H2 Ii
Clayton. Son (SQp) 56
Cliffords Dairies 2 DO 112 11. A 122
coalite 130 S 1 2 3 4
Coates Bros. 61. A S7 te 8 te (13 1)
Coats Patent 61 . 2 i-
CaaMaus #CI. 75 'll T)
Cohen (A.) ,122a) 290. A C2Dai 260
Cole (R. H ) 54
Coigate-Paimeiive 'IT 9.7
Cotiins (Wili am; Sens 213 (Ste*. A 167
113 1*
Comfcen (10a) 37. 7'JotLn. SB (1S.1<
G?ieeenj <a.i. Sons 47 (in)
Goldman (H.) Grouo MOdj 27te <13/1/
Gommc Mftfts 29 -fS/tt
Gccrtkino iW.) Sons <10o» 32te (11. H
Goodman Bros.. Stockman (5p) TO te
Goodwin (R> Sons rEng.) MOo) 10'.
Gordon Gotch Hides. 145 5
Gordon IL.) Go. <lOn) 31®
Grace (Wpi (si) 22-j®
Grampian Hldgi. 54
Gramp/an Television Non VA (IOp) 33
Granada Grp. A 212 3 5
Grand Met. (50o) 176 7 8 9
Gran: Bm 180
Grattan- 96
Groat Universal Stores 450. A 442 4 5
6 7 B 9 50
GmaTPrtnans score* A (R0.50) 585 (12H)
GreenbanS Inds. Htdgs MOo) 26 71;
Green-trldi Leisure (10o) 28
Grlmshawe Hides. (20p) 18 Z2 (13/11
Grfppcrrods Hides. clOol 137 9 40 (12H)
Group Lotus Car Cos. (IOpi 24 G
GrovebPli Gre (Spi 7 (ISlll
Guest Keen Nettietalds (£1) 1B2 3 4 It 5.
G'.-ncUns.Ln 71
Miller (F.i (Tevtllrei «10o< 76 (12i1l
Miller i Stanley j Hldgs. (IDs l 11>.
Mllletts Leisure Shops (20nl 84
Mining Supplla HOp) 107
Mitchell Catts 48 9. ISncCn.Ln. 1990-95
Mitchell Somers non 44
Mitel Cpn. (NPV) lO't 1 (13 Ii
M Inconcrete (Hldgs ) 85 7 (13(11
Moben Go. (IOdi 17<; 8
Modern Engs. Bristol iHldgsj 24 te (11 'll
Malta! 158
Monk IA.) 54
Monsanto SpcLn. 1982-86 127 (12<1>
Stonc-Flatt Inds. 12'- 4
Slot ho rt. Pitt fil) 76 7 (13/1)
Streeters of Godaiming (IOp) 22
Sprang Ffeher (Hldgs.) SI (13/1). New
Slroud Wlev Drummond 42 (•
Sturia Hldgs. (IOPI 15 te
Stylo 1 22p 5 9
Sumner (Francis) (Hldgs.) LlOp) 5 te
Sum He Clothes (20 p) 45 6 fl2ft)
Sunlight Service Group HOp) 97te lli-l)
Suora Group (10o) 42 (12/1)
suteftffe. Spooknun 42
sutcr Efectricai 'tel 66. Dfd Ord. (sp)
Syiione. 175 tliri)
Symonds Eng. (5n) 71; 9
tw « wn AtaBtt^aanv
Wf^tersrand masb) 310
Gold &u^;Wso)
<n«5* t diS?> d . I *topa- :**kS0i
British inv 179 80
Broadsnne <20p) 199
T— -U— V
Monctort I Knitting Mills) 4J 4
More O’Feirall HOpi 129 (Till)
Morgan Crucible t17 20
Morrison iWm .» Suoernuirkrts (10n) 152 6
Mm Bros. 159 tlSH)
Moss Eng’g Grp 108 M2 1)
Mom i R obert) non* 45 H3(1)
Mother care MOo) ISO: 50
Motorola Inc. (*2i ISZteO
Meunj Charlotte Inv. ( 10 o< 19te 20 *: 1
Mcrwlem Uohn) 175
Muirhesd HZ 3 ’ 8 20 1 2
M onion Bros. 'IOp 1 24 (13/1)
Myson Grp. (10p> 26 <•
TSL^Tllettnal 1 indicate 91
wjsuc its.' « s
Tate. Lyle (£1) 200 2 4 Gt 6 B. 13pcLn
ermal Syndicate 91
Group i Sp) 5 te (1)
• 50DI 396 8 400
CLRP 91. Wts. tub. 38 7 02)1)
CanMJan Foreiyn 174 (12/1)
OHHUI National Tst 152 <« te. "B 1
Cardinal In* Ofd 128
Cedar 84 5 iaii)
Channaf Islams liw (£1) ate flirt)
Charter Tst Agency 71 11311)
CKv^ Comruerc^kl 29te <13/1 L Ore u
City Foreign 76 m/1)
Crtv London 72 (1211)
Claverhouse ISOo) 121
Colonial 5«s, So) 67
Continental Inds. 246 111 )
Continental Union 145 (12*1)
’ft.”,®}
T* "?** ***^3i&w*wn
901. ■
Tavener R«ledge {20n) 25
Taylor Woodrow 510
Tccalemit 40i, (13/ij
Tele fusion A Non-vtg (Sp) 43 (13/1)
Telephone Rentals 322
Teilns. Hldgs. r20pi 27 (12/11. New
gSSSSJRM 80- nim ■ ■
ssssssn^- 80
Derby (£1) 240 U3iti. Can (SOol 31 5®
Doorinlou General 251 2 ClSfll
Drayton Commercial 145.(13,1)
□rjvhon Cons 181 2. BIjPCALu. 121
&& Sgs&jn c,i<sr ^
2?^. p K? , s ns n&i ' ,a
Dualvest (SOo) 61. - Cap (£1) 398 ),
CW«U)nilOn 841; M2I11 ' "*
eaj*reghl Ameriem 91 2 3 ’ Bs * lja '
95. (2001 27 '12/D. New CM
'£ u - 12P eLo 1QOH I r
N— O— P
TSSfSion-Sffte-sS 1
Tcieo «er« (Hides.) (Sol 51 ij
Tcatyrod, ,J«>ey »l(Jpi 85 il2(f)
Third Mile Invest. 35 (13/1)
NCC Energy (IOPI 93 S 7 8
N55 Newsagents 11 Op) 153
Third Mile invest. 35 (13/1)
Thomas Nationwide Transport
1-5 0. Ofd. NH-taL 112^1)
tSephenson Ciarke and Powell | n08) 7 , JBtL(1 . SB
Duffryn International Fuels. Mr comb. scorn «i 2 tepi sa
tare 8 ww g m . # . LOmIJ, I vC“V H DP/ ® 7 *0
Frank Har old, a director of I comm Radiovtslen (Sai ii2:; 3
... — «. — _ I Comfort Kotcfi CIOp'i 16k
Walter Lawrence PLC, has comoutrr snsems tr«. *2 op> 217
retired. J e mw.m c (toot ss ,
of I Comet Radlnvljten (Sal 112:; S
. : Comfort Hotels ClOo'. 16te
has Computer Systems Erg- (20 p> 217. New
Ce nCWtifc (IOp) 38
Concord RotaHes oa a) 55 6 7
Conder lotnl. 73 <1111
ContiBuous Stationery tlOpi 24 all)
Cock (Will lam i Sons (20p) 14 r]:.])
Mr Gervase A. Thomas has ■fmp'tw, is 20
joined the board of LEYLAND >! *
PAINT AND WALLPAPER as , 4T
a non-executive director. Mr n3r1
Thomas is managing director of
T. and R- Theakston, the
independent Yorkshire brewers.
LOCAL AUTHORITY BOND TABLE
Authority
( telephone number in
parentheses )
Annual Interest Life
gross pay- Minimum of
interest able sum bond
Cooe Allman Intnl. *5pi 35 te (13.T)
C Down rr.t «5ol S3 (IS'Il
Corah 231; (131!
Cornell Drosses (So) 147
Cory 'Horace) tSpi Idte te OSTl
Cosatt 35 6 7 9
Contain 242 4 8. Ofd. 216 2a 2
Countnradc Pram. ios
Conrtautds 75 6 7 8
Courtau Ids Knitwear 7'>ocP(. (£1) 39
Courtney. Pape (ZQP) 42 <12 li
Court* (Furnishers) 72 flS-li. A 72
(.131)
CowaiL de Groot flop) 31
Ccwie a.) lSp) 28. lOiyxPf. (£1) 83
M2Tl
Cradle* Pf:«ing flOo" 17 8 (E.1)
Cray Electranka (IOpi 102 32 tel 4
i Crest Nicholson i Wo i 88 J
Croda Chemicals lotnl. i£1> 45
Croda (IOpi 76 ; ; 7 a. Dfd.
flOP) 48 9 50
Croc i w=rid Traders (fin 57 (13.1 >
Cron He 28
cropper fjanrn) 136 L,, i* Cfil)
Cresbr House a£T) 140 5
Crosfav WooajtekS (lOo) 6
CrOvCh Wmki GOol 136Ja
Crouch GriL 98 Ol’H 9PtLn. 67:-
1 Crown Muse 65 t- 02=1 '
HAT Grp. (IOpi 73 4
HTV Gre. Non.v 111
Habit Precision Eng. r5ol 11 (11:1)
Habitat Grp. (IOp) 1D5 6 7
Haacn 2DO
Hill /Eng.' >50p) 1530
Hall (Ml 202
Hailam Sleigh Ctwsion (10c) 7 (11(1)
Halma (I0o< 93
Halstead fjjmr-.l I10n» 49®
Hampton lnd. (5oi 9te (13-1 1
Hanger Inv. (IOpi 22 Mi'll
Ha-tow Inv. MOPj 40:-. NVOrd. MOol 39
Hanson Ts:. 2770 d 274 S’. 5 8 9 BO
S/iDcCnv.Uns.Ln. (SS (l!'K 9 'tckCnv.
Uns.Ln. 106® C 104 ■; 5 1 . 6. New
9teCn*4Jr.s Ln. 105!- 61- 7
Hargreaves Go. (2ow 4£* b 44
Harris iPhlllp) (20p> 92 (12. 1)
Harli Cuecnswav Gd. COpi 134
Hamson Cowiev rsp) 71 Ms 11
Harr. son (T.Ci 74
Harrison* and Crosfkld (£1« Tte f.
Hanley ind Tst. (20o) 28 (13/1)
Hartwells Gp. 90
Hawker Sn) delay Gp. 311 2 346 a
Hawkm and TlD&on 26 7’- iijiii
Hawley Go. P 65te 6 7 te 6 i
Hawtia I5pj 6'j
Ma* iMcrmant ilOm 49 Hi.*,
Havncs PuSlishtag Go. <20 d> 140 HI. ’ll
Hortrwaad Foods rropi ;07 111111
H 5^o« S rT5/35 iV 9 ' m ,5D ' 48 9 50 '
KISS VWn'lW 17s ei » «»«•
Henderson fPC.l Go. 125
Henl** <20 p' p 103 4
Htsinoue* 1 Arthur/ MOW ifl
Hepwsrtli Ceramic Hldgs. 95 6
Hcrpwerth (J.i and 5on tlOai'gs 7 ■
Harman Vnnh (lo D i 27 5,3 7 0
Heron. Motor Gd. if 32 1 ^
Hesulr t> 35 6 '- 7 1 . 1 . '
{SBStfm.Jj! 1 *? ‘«8o» 30 1 2
HpyWOOfl WlfliBJfrSi vP- 3b
Mitking Pentecost (SOW 74
H.ekiga and Welsh 1 Hldgs . 1 (50o) 220 2
Higgs a.-id Hill 123 4 s 01 “ D 3
Highairj 42 (12/1 •
Hlghpote J=* Ga. iJOg) 5 ?
Miotipartv Optical indust. i-lOp) 36
NSS Newnscnts HOp] 153
Nash (J. F 1 Secs. 44 fn,i>
Needier* 72
NcopseoJ 1 Ste 6 7 (13>ii
Neil Spencer HSrfgs. <1Qpl S3 4 ij S
Neill (James! Hldgs. 34 1 -
New Equipment OOP) 23 (13/1)
NcwarlMII (£11 468 70 2 5
New bo id Burton Hldgs 44
Newman Inds 11
Newman-Tonk* Group 61 2
News Intnl 102 fISfli
Nichols U. n.i rvimto) 175
Norcros 92 3
Norfolk Capital Group (50) 24 i; 5
Normand Electrical Hldg* (20p) 33
Norsk Hydro (NKr 1001 167te 112/1)
North Brltim Steel Group (Hldgs) 41
Norrh iM. F.I llOpl 32 3
North Midland Const ruction (10a I 52®
Northern Engineering Inds 02 te 3 te 4
Northern Foods 149 50 T 2 3 4. New
151 4 5 (1311)
Northern Goldsmith* 49 (13/1)
Norton Wright Group HOo) 35 (811)
Norton IW. fi-1 (Hlrffti) fed) S'; (15/1).
llocPI !£1) 80 tT 311 1
Nottingham Brick (50p) 115 (13/1)
Nottingham Mni 125. GtegcLn 111
(lim
Nova (Jersey) Knit (20o) 76
Novo Indostri B 97'; (13/1)
Nurdin Peacock llOp) 130
Nu-Swift Inds (5p) 33 (1311)
Thorn €Mf 430 2.34578 40 1234
5 6 7 8 . 7pcPt. l- 1 fi ij 6 i. 7 h 8 te -
Thurgrr Bardex iloo) id rtiii '
Vb.irfcUTV 1 ‘treii m as So
1<7 fll/l) V'^Watea Minot (HI)-. 105"-
*** Gofd Mlnteg otu^STBC -
Edinburgh 86te 7
Resources (951 4
English Intar. tag to
English New York 87H
S/f var.« > MJ -
Tcotai 3ih 2 tj
1 cam. is 2
T 001 MH id. W.) 62 (flff)
^ 4 3 C n5.'i) LVS0 ' M
T ||° r i’ ¥.W Mlllbourn (HMgs.) (2 op)
Scottish hnreitora 68 flzfl)
English Notional lure. gn. tu.
ntflsh National Invest. 20.31* -DM.
^ySSLV^SliNr ..
FlS uiSSw - *?w tcaw 1 17. SdcLp. 57
e^^Km^vvi-.
sSSaT* awwftsw
St jSSS'aSP- a, » 77 «■» "'
general Fund* 264
S hsl S*s
jgs *% I
M£.W- * A- 6 ‘^-
:
§<«». W7$ - - a .V
MmtaHS M® -T01
Hfli"»rT?9S> 7 . • • •- .
Traiafgar House (20p) 95 6 1 , 7 i, b
T ransparent Paper 26 30 T 10
rransparenr Paper 26 30 T
ftHrelogiM/tt Group 65 te 8i>
Tranwood Grouo (5p) 9 ( 12/11 ‘
Travis, Arnold iso * ‘
Trident TV A NfHvvfg. (IOp) 67 I- B
Tri»»« Foundries Group 29 * *
TTustllOuse Forte 112 4 5
^ a,) 122 * 43 *.
Tunnel Hldgs. 8 Slo S 20
?K£S?D. N Ta ,,,1,, “ 9 90 1 2 3*
» sararb jjsw®??
HRe* J 5 ™ 00 /?•» Mte 1 te 3 te 3
mjssm sb ,* 4 tn - m «*»>
Ulster Tel evl ilon A (NV) 67
HTff/T 11 1 2 5 A - ®^ pc Cfl¥ - *> 100
Ro owsley (0S1-54S 6555) ....
Crsxn Zetletbich tSSJ l!’i <12T> OISmJS ■ i£U u . ,nd i!“. M 0p) 36
Crestaiota ‘Spi 79. 9>pcLn. ng m il S 1 fi h '|^, h 6 5S* r S nl S,? B - ,2 »p> 27 8
%? StarM U0p ’ 250 a. A <20P) 202 »'» f^Jr^VlM
CIKTVS Go 164 70 2 3 4 H.Itardf « 10 p> 144
CiSTraftOP. New (=0P) 85 te (8.1) «»■«)” ‘M ®D
DRG.70 Mpldon -A.) 157 fi .73 1 .
D«e Electric flOpi 51 (13:11 Holjas Go i5p> 87 9
Dalgety «l) 295 6 7 8 9 300. New Holl.s Bros ESA 21 3 (12 H
(fill 296® Holt Lle*d Imnt. HOpi sj
Dinks Gmmm 3X0 70 Home Charm flop) 121
Oakwood Group 118
Ocean W/laons (Hldgs) rSOp) 41® >:«
OW Swan Hotel (Harrogate i (IOp) GB 9
Oliver (George) ( Footwear) 110 (11/1).
A 103 dttll
Olhret Papw Mm l20p) 23 fl2»1»
Olympia fRedacroi (20 p) 21 2
Orcnstone Invert* (R0.129) 15 (13/1)
Owen OWN) 203 5 (1ST)
OxalKi Group Hldgs SpcLn. 62
Panto (P.) & Co. nOP) -13te (121)
Paradise (8.) nop) 40te 2 (ivit
Porlrar-Knoll 126 (8/1). A Non. V. 115
Parkland Tortile (Hldgs) 40 18/1). A 37
Parrlrt? J. T. 155 (13/1)
Paterson Jenkm 73 * 5. ll.SpcPrf (£1)
26p 1 (ll'l)
Paler ton. Zoehoms (IOpi 13S 6 a 40. ,
A (Non. V.) (IOp) 135 8
Pauls & Whims 190 1 2
Peirce (C. H.) & Sans 860 (13 1)
Pearson Longman 169
Pearson <S.i & Son 203 5 6. lOtettLn.
75/] (1311)
Peel. Holdings OW J ( 13 / 1 |
Peel (Hhftnl 114 5 (1l/i)
Peerin', 92 (11/11 . _
112/1.1 ~ -
Unilever 810 9 20 % 3 5
Unilever Ny m IJ) igu |1Sm
Un on. Steel Core. (SA1 (RO.SO) oi
- ; on. (378y . :
^■STBLW-ivvv?'^*
aa s t sftaTi'awn-v.-: ■ r *
’^6
. ni/ i)V Ioral ■ co- stes^^M 1 -.lXj
MS" pgSoSk^aa • . -sS ,
KWfPfl.Grtjre «'■ a"’.. -.J|l '
ComftL. «o) so Jj'-V ti'' •
™9*» OH (npv) sen as . * “ ..
TR Bltarpy ’78 9VBr Cl
TrtOUttmf 2741, jf-J 8 -to * i i
>370 23 * 5«
nw 7B-. . ■ * j >
ntt.6 7 8-ta -Sh. re.
' ^raOPECTY * / ^ ’ • tijjL
e.tox- (W- -»9U9ht.r', ifgamffy v : ' -I
5S2L £2^1°* L<WD
Aw tt sac c^ (s& as™
g— iiffiowt 127--
Kffi, s ss.f?a , “’ “ •”»> '7JS2S ngsyv-r,
BBSS !JS 1 1 ^
as sssnsMu. m ,s 7 j3S^SL5!3f sp? ;'**•**
gyfc^ey Haartira ta*'*'
«H»on (Pterow l7a?T
United Carriers flop) 360 1
United Engineering Industries (IOp) 260
United Gas indusain 7* *j u
IIM Newepanen 160
Utd SclentUte Hidos 585® 570 3 5 7 82
UH Spring Steal Gre «iopi 1B>: ni tt
Utd Wire Grp 84 S
Upton <EJ 5on A N-«ts 32 (Ul)
Utlco HftJg* (Rl) 130 flil)
Valor 80 2
Vartan* Grp r2(NA 112 flS.'l)
VeetH Stone Grp (IOpi 28
Viffoenloing Refractories (R030) 3go
V Itlccra (Cl) 147 te 8 9 30
Vlnar® M Oral 5 (13/1), Do (in) 4. 10pc
W | 0^ 17. 3 -
Vintni Grp <2 On) 202 3 4 5 7 8
Vltntron NV (FI 0.251 67 70
Voirn AB J (5Kr SO) 13 (13.1)
Voaper 147 •
HWS: 7i (t,,^ /**
esjs wP
g rtty » Lahd.73^ te 13
mm
c*. Wi«
712(1) wi.pvn. cap. <5 o>- 4 e
BSSK* raw -
W—Y— Z
w Ribbons Hldgs_riSs) ; 12 ii
WGI 109 10. 1 CISil)
Pagfer.HattenlW 174 S 6 7 8 wSLuiSn 1 r Uffia) ff '
Pennine Commercial Holdings dOp) 7«j V ifcSS*C?rtOM * 4 - e
IS'aPtUf. *0 (11/1). 1 SpcLn. 1991 67 WadSfti «r?Vi W M 8
iBoc EgSfM
London Inv Tat.- tSn\ ign.
b w i*p ijBn*7*ahi- >'• - .
J TOaS «** ™ *>■ cap.. < 109 , ^38
“oTUS 5S&* ^
Mft ro. ia ■- .
"tarine Adventure SaHtag (£l) V3
*?o (Wl>-; r -.
■mm
_• , ••• -• .’ * y - l r 1-
I
21
• ■^V • -•' 'V r ;■••"«■ - •■'•• .' •- . ■ r. * 'j. i,v : • ".
£
!«?
/’ C
- v^anS^I' Tunejs Sa^aii^iJiKiar^ iff 2982
- : ^MQ-jWh.W l - •• •-
jfi
6^bcLa.. 271 CTZtft >-.-• lOpaCA
■.. :c
•••:■ . V
f; !:
-V“ •
Laron Properties .%8Q..
taiKt. Investor* ■ *
war SecumM
el«D. ""
200 ®:.. ... .
Law.UB te i frfrri .10.98. n M J
^^A 6 S.n$V *$* C«tr« «hl*»;)
toruiw • S*0P frra«tv -Ts*_ “1 is T''$y&
■ iSo? AaJft" 1 *- 1SS 6015 0ZlU -
LV'non Kidoi. -ZOoi 227 "
M£fC 22* 5 fi 7 B. OfepeCArTa&'teeii
Mckw Securities c*»oi oonTwVtm
M«rttoorewh ProMrty /Wops. Ctotfm
Mart«r Estates s6 1 V.'’* U' : ' • *
Moor.lWsn Cro 80 (iHl M~'"
IWW 1«4 rt*n • -r . ♦'• •
».4pc
1211 J
iRd.Pt,
Mucklaw iA_ ana. j
MoiUdeaf Properties. «
Nwr eajmdiii, ftsuxo
Notion -36 iir.1l
n
r
s. ,
h'- ■
"r ■ ' r
*«nh‘ Bmi» ' p'lttwnac i*6V.- .;
Jeacnev PronnrtV 4 . ~ •, - •;..-
PJnjcnht Mhlrtj. awfroiitoae '-
Property end .RwrMMtT-UHtJW _S '
Prwwi^y HM*. ana -lirtHWfnt Tit, 4«iPC
39 rt2Mj. BocLn- 1X6 ffljfi: , - ,
Properrr Sncurtty jnrasnn»«--Trnst.. <50 p>
{*•9% Property , TniitUjfrOSS jRJi-- 1 .-
R«gatlan mg,..;.. • ■
Reaumai Properties 14*-. -A Akn-if- 146
Reliable Properties ;**■ (S/ll
< *X*n
Samuel Properties 9E{i •'■" - • . ' • ••
— ^garni***- “
■V
1 <
ScottlUi Met
SKona Oty Prwitrttfr Oflwj '
Slough stales 12 li «!-■?* -APCU lot 2- 3.
lOBCLn 22W • • ■■■ ■!■ -■■ ■' ■ ■
Stock Con version htrartment Trust
,; j-
Town Centre Securities?- 40.-. - Now 39.
Trfnoni ?P»rfc • 1 ,] ~ ' ...
Umtcd Real Piwertr-Tg* 4SS t!3/l> ' .
Warner mm NUftinSSt
w«,b tJoMebl .<Sf5’3*', J fc f |’ s
W ^ mi'nKe M S» til l)
Westminster Promrty Croup (20j» 28>u
a g ao >-
,. Whittington slate* <30* 20 Ij .
- Wilton i^ni
• PL^ITAtKWS (15) •
• Anglo- HxtoncsUn -Corp. ro * .'■ .
Assam-Dour* HUM ttl) 22S
JOM^^utopur Kcponfl Bertud atAt) U
^aSs££dk?Ms?«A v un
Mctebd • fitrliti (El) 372. * 1
rim; 'SyibetrMidos. (eij 230 Mi#t»
Wwwa.fwfi?
Rubbw Ei« <Sp> 92
.fSra^-tWr# 00 ° 2m
awa,^ 1 *
RABLWikys (7)
.qv«<^ .Cent. Rlwy. 4 2 , t ;|. |f „
• SHIPPING (142)
SKSTSSraBt Sh,w,<BB °°w »
l ®&sa , ia«-«a« • -
SSn C » Will 3600
'Sfi tSTTr asr jw»- v T <isi '
>; WKP SteSra'Suir'wd 3 flllj S 13fi
•SrgfS^ u « Wool JOB. A Nwtg
BUTicJrnan iWtlten gfi 7 (12 1)
- •- :A v ,
Bara tors Tm-.HmS» <Sp> ‘800
Bartow MpiOtnoS jlOo) *0 7 9
Beradin - Rubber^ SOtes .CSol 32 4
•it (12ltr
Blantvre
im-mTflSo.^0^-34
90 CBT1>
^ameitiijmMpt'neni^Jt to Q) 437 n2[t)
CtOj.1
-4KI*pgl- JtbbMr - state
425 njnj : . . ■-• - - . .
PUnUUans Bemad (SMO.50)
■-Nil
Oarsmk aoda . jabber .staut - O Dot 127
Harrtsont-Malaystan - Ests.'ciOpl 178 81
Hi M« lands Lowlands -Bartiad iSMO.SO) 62a
inch Kenneth- i ajang Rubber (IQp) 330
Klhtt - Xeltas_^ Rubber .ttS,'. CIOpJ 150
UTILITIES (II)
Caitnfners'
Repairers Cl Op)
Gas
C£1>
3
AjU'jjee Dublin
_cLl> lr£ ov
Olanml Ship
IljE O** — -
•3B"jl*?f e '- S " W,, f' Cpn ‘. 0ndl « 1W
1 tJillfi?"? r Sflp Canal 'r£1» 1 00 2
Dock* Harbour 1912 20
Millord poets <f 1 II J3-
NESCO Investments 1Z8
UNliSTED SECURITIES
market <13s>
&ra",.v?f 2 r
Afpt’er £Bf, <i2 rn '
fiila Resources 19
"ft™ Computers tSvstems) tIOpi S3
£gjL North ■ Bwi amoc. ' 145<B ■' ''
«SS» *«■; Estates tap; T7. tiom lT‘i
3&£m iK 1V2W, 114 2 ^ ,0BeDb -
assraswa- 1 *
Clyde Pet- 132
Comultanta tlQpj 7* ••
Cren inti. Sees. {lOtrt 10J* I; T
Dunbar Grp. til) 505
Dunton Grp. (Spi 5
Edinburgh Secs,
v Fir
20 o
Energy Finance HOW 46 (till
Eutopame Htdgs. i2o b i 13
Feedback dOpi . 105. «1S,1r
Fleet St. Letter <5pt 7‘
Flora ou •*“ —
Filler Sm
Fiova ou ciopi g*T
A (£1> 407- 11211
Gat Acreage I20p) 410 C1SI1)
Good Relation* New MOpi 60 C1I.1I
Greenwich Cable Com. 38
Hadiand (John) Hid si. OS C12M) -
Hartanoer Prop*. -New nop) 05 S 7
.■(131.1) • -
Harfom Grg- (Sp) 6 r. y3;ii
Harvev. Tnompson l 2 Ddi so ill t>
Harter* (61) 1541 HI 5 113/1)
Heoumat non) 105
Heskcth .Motorcyle* tSOpi 4S
HumtawsMo Electronic Control* C10» IB
ICC Oll Servicas dOpi i« H3 1>
Intasun Lelwru Grp, ClOol 99 100 >s 1
Jackson Exploration inpvi 108 9 10
jayplant (5p> B*< nun
johnstone'i paints nop) 72«j
Kennedy Brookes Hop) 163 I13;1i
^•"gO'l.Cont'i Advert. (20 p) 17'j 8 (13 1|
Ord. IBM IB's
Uindon Private Health 2 *
McLaughlin Han ev 76 (i 2 Hi
Ma^nJam Tin (5o) 52 (12;li
Mirk heath Secs. 54 fipcPtd. 1250
Morrrdown Wing 42 H3 1)
Metal Bulletin II Op) 105 112)1)
•MfcroJMm Reprographics (topi 62 (ia-1)
Midland Marts 65 US 11
Naur Court Natural Re*. iSpl 43 3. Wt*.
T 1 >r 2 I15IH
Nlmilo Inti. 150.201 147 53
.ORE dOpi 230 5 7 9 407 40 ‘It 2 5
Oldham Brewery iSp) .150 12 3 4 5
•Owners^ Abroad OOP) 17. U >j- New 16<j
ParftieKI Foundries (5 m 14
Piet Petroleum id* 135 H3i1i '
JUmus Hldgi. 83 112 11
Re(l»H Motor (3 d) S 9 113)1*
Rolfc^Nolan Computer Svcs. (10M 55
Sampanp uava) Plant*. <2<:B> 15 (12 1» .
Saxon Oil (SOBi M2bb Dd-i 59 ri3/1i
Scan Dau Inti. i10p> BO 1 11 2. 1 J
SeHecTV (lap) 39 II 311 1
Sh'lc/en Jones Kg ill'll
Southwest Cansd. (1 Dp) 27 (B'll
Sovereign Oil Gas 343
Standee* <iop) 34
Television South rlOp) 31 <12/11
Thames Inv. Secs (*1) 142. IZncPf.
<7Spi 123 nm
Ttaorpac Grp. iSpl 82 112 II
Trust Secs. (40ni 324 S
Utd. Ceramic Dtstrlbs. <20 pi *5 6 M2/1i
Utd. Electronic Hldns. (20M 25 7 |13.'1>
Utd. Friendly in*. HOpi 227 «12 1i
Webber Electro Component! 90
Wlllaire System* |10p> 15'j. Res Dlv.
York Mourn Groiip »10p> 48 IT 3111
Zvgal Dynamic* I5PI 90
RULE 163 <1) (e)
Bargains marked In securities
which are qaoted or listed on an
Overseas Stock Exchange.
Acme* 45 6 113/1*
AH lanes Oil Dev. Australia 92* 2 (1351)
Allstate Exp. 30 (81 1
Am ad e <13 1)
American Home Prod*. ElSk (13.1*
A mer. Tde. TrJeo, £32 hq t v
Ampol Exp. 1 84 <13/1 )
Ampol Pet. 95 6
Anglo Utd. Cevd. 4 5
Aoet Oil IAS07S Pd.l 101 6 tBil)
Argo Invests. 124 <BM*
Argosy. Gold 7 CVI?1)
Ashton Mlnjnp B4$ (13,1)
Astoc. Mino kU.5 74irl.i7
Atlantic Richfield t22
Aus. Con*. Mins. 194> 20
A us. Con* Indi. 9b (IS 1)
Aus. Foundation 72
• Auv "Nat Inds. 187 it 1 *
Aus. Shale Coal 2 MS 1)
BMI 1090 90 112.1 1
DP Canada £ll’ n
Ban ulo Gold B €,*■.. i. (1111)
Basic Res. Inti. 17Q
Batu Kawan Bertiad 87D 3
Beach P«. 87®
Beth.- Steel tUSZIh £11 ij nil* •
Bond Corn. 13£ 6
Bouei)n-i*ie Co pptr OB 70 (il/l)
Bow Valiev BZO <12 1)
Bridge Oil 25SO
Brunswick Oil JOi: 11
CRA 1 46 9 SO 4
CSS ?1b 20 2 5>.-
Canada North West Aust. Oil 10 1 ;
Carr Eovd Minorcls 16 HSU*-
CattiemrHm Tooitovs 717 <i3ili
Central Norseman 370 do 1i
Central PaCi*< Minerals 4S*. 51
Cheung Konp l?J 5 9 200 <;
China Light Power 125 i 30
Cities Service 1U5S8 !
Claremont Pets 73
Clufl Oil Aus. JO
Do. Oats. 26MP Hl.1)
Conn Aus. 3'. 4.V.
Consd. Golri Minim-. Am ••< -ji. >• 4
Cora (Modderfonlrini 3USI.55® 1.55UO
1.55*7® 1.SD 1.55 1.60 Il3.il
Cons. Res. 7
COSeka 4Gb
Crusader 0.1 360* mil
CutttiS PactbC 20l.> 1 <7
Dvpt. Bk. Singapore 215 '13 1>
Olaltal Equip. 1USB0': £4 S'*
Dome Mines 6E0* 1US13 >13 11
Double Eagle 42* 36 '7 B 40 1 2
E2 Indi. 26B 7S I’lil*
««nie Con. 2*
East Coast Minerals 8 <13 t>
JUttman Kodak £37*.i
Endeavour Res. 20 1 ';1
Energy Aes. Aus. 60 .12/1 •
Exxon Corn. £16® 'x
FZ Inds. 268 78 113 11
Flair Res- 1 BZ
Forsyth OH Gas 1 ‘■'•7 2 'y
Fraser Weave 140 9
Gem Ex pi. 5 ilL‘*
Genoa OU 115 C12:i>
Geometal 12 13 >• IS 'i 16 17
Geargia-Pacitc £10 «1Z 1»
Gerry ail CIO's
Gold Mine* KalgoOrlie <Aus.) 310
Green bushes Tin SAD. 10 60 0 3 1 )
Canada
Run
Gurt stream Res. Canada 270
(131 1
Wars. P*l. 14 *811
Haomx Gold 20® 1
Hartooen Energy 255 rl3 1i
Hewlett Packard £20 (12 1)
Hlghvelrt £ti>el 216 n )‘l <
Hlghwod Res. 95 U‘J)
Will "1 n*<.. : 13 /U
Hitachi 158* 7 S 61 3
Hwnestak- Min £17<, '.11JH
Hong Kong 1 Kowloon Wharl 49 1 1 :
Mono Kong land BP® 4 5
Hong Kq«c, T>ie-Dionc 255* lit 1
HosultBi fa. America £17%* >is
Hudson*. Bay OH Gas I?2V® 1 *i
Huichlxpn Wion-PAI 168® 1 2 6‘:
JAC 330* *13 I'
Imperial OU A Cnv. £11% US U
FT UNIT TRUST INFORMATION SERVICE
OFFSHORE &
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FUNDS
: Mtf imrcstaHiM
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Ftaetf Interest Fmch
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10, Bnrerttraae CH63Q0: Zng, SwitaetWod .FIB® Wwltl Fund LM.
Bearer 94 fiec. 19 _aam ULSOO) BnBmflrid BMg, HamUun. Bermuda.
amw-aJloZJS'.a. ' -< -
35 Boulevard ReyM, UmmMxmrq 6JL C. T. M HIWMlt (UJU 126.
toWcaa M li t ti l CJ*n*y) Ltd. • ■ a ?^ 11 * ***** ^
PA Bax 63,' SL HeBer,. Jersey 0334 74806 Anchorf* EdpcZl
Bath. Hit- Fund J——JU2JZ A^orkd- ^L—
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20. Fendwrch St, EC3.
Cuermey Inc— _
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SLOeposh—S ,1148.9 1W.2 *03 0.17
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15. m 4saI4. (Wteurdeaiugs.) Daily dealing
Schmier Life Srsup
Enterprbs House, r snaraulh. C705 27733
biter neO e u el Fundi.
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UpdOo, EC4.
Schroder Vast. Se.-kicu fisnzv' Ud.
P.0. Bax 195, Si. Pel.tr Jenev 0534 27561
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Co. Ltd.
120. Cheapslde, £C2. “ 01-558 4000.
HAV (Woe 7U26UIDR jMtan U 5510140000 j. Hen/v Sender Wiwa
1 Jem*y 1$. . 120, Cheanslde, EC2.
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Par haw kimlweat Trust CsXhL
RCI BaHdlng, 1-124 YoidtHMng. Send.
mav 1 usn&so I
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7.«d4A&H lAtt P.O.Box »5k SLHeffler, Jersey.
7.7S J 2Ji> Llaidx TtLCsoas HU
Ltoydt Kank i nto natio nal,
P.0, Box 43* 12U Geneve U (SwUDerUnd)
assure-
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P.O: Box 42. Dongle, LaJL'
cSh^*jS.V
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BridK Mm— f inpt Ltd.
CPO.Bnx 990, Hong KM8--
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tsJ&Jgr™ ^
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— Uayds Bank Mcrwatimai, Guernsey
Sat PA Box 136, Cuermey, Chmwi Wants.
Alexander FbMJ—| ,1 .—4 -
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fiea'JiH .
ScriraoeoBr (Cemp-Cea UngtsL, Jersey
1, Charms Ciou SL Heihr, J
SKG Ccpilai ■'— * -
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GUt Band
053473741.
Sentry Assuiance SateTsa^otsl Ltd.
PA Box 1776, Hamllion 5, Sew=a4».
Managed Fund i«eMT7J 5J<Ea( J —
Partmre Invest. Ltd. Ldn. Afts.
3, SL Herj Ate, loNta® £C3L 01^833533 M 6 6fOB ^
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r—n _ MhM FIM Nferaen (Fbr Put) LhLMKU Amb^tin Ec Jan SRStS
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PA Box 32 Onatfat. <de«( Man TeL0624239U
tourara imt to-m. ^
(JM* l)nlia)— ZZpaS
XSccreia.-y'sLrrf, Gwraitar
BmeUtStatmies Fi.JJCja
Muagemut international Ltd.
01035073037
2iy«-WE| —
Singer & Friedtaader Lda. Ageub.
20, Cancan SL. EC4. 01-248 9646
fcg? escfBund sis
* W ^ WOO ° Strategic Metel'Tirst Bfingra. Ltd.
“ 3 WB smi. Duustas. I0M 0634 23914
Strategic MeLHTr..-)US33.9C 0.8Mf-CB»| -
AukxrcdMi CEMCRAL1 AjlA. h?IU i C ££ I i FAH^ gS. H H^jS. Uinit C634.71460
PA Box 132.SL Peter Port, Bbemey, CJ, ?■ Commodity Trisa P34.73 WLEJ 4 -
SS^IlSSSnSi— Sal - M«- fcidulsu? J Swterast Usraay) Lid.
CtmvBo Pwrtnl Uadted IHnte- Ldn. -«h ^WK3ES3r JS? 1
AOSox 73, SL IMer Jww. 0554 73933 UA 0« Bnad St, ECZ. d-<5B86464 lnsl -' 3 ^ ^
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PO (JoxlBB, SL Feur PurLfiMwy. D4W.M606. *~
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Hanhra Pacific Fund Mfnrt. Lid.
; ZUft ConaabgM Ccnue, Hang Kong
-1 U 5
10 Wfcari SL. SL 9el.tr. Jersey 5CIJ. C534 73494
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75MMFd.ysi-.1ls!. fa 3
TSBJwMjlWnd [57 j 6BJ
TSB Ouemsry Fund _p7^ 601 .
Prices on jm. la. hrzi Mb. Cay Jan.
rrA FiVLiw^—rwiiJi HIM -
Tit- C®. (Jersey} Ltd. ...
PA B«581 SL ffeBer. Jarwy- WfWm PA Box 86, Gaermey.
P u t te r n e i d Mm— eauent C*. Ltd
PA Ben 195, HamHu^ Betrxudi
i6»nftyl__m»4M ' 4.!
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PA Sox 194, SL HeUar, Jergey. 053427441 Inttnia Massemen: Ci. 11.7, Cl.- 3^3.
MORES Jan. 14 PJSS9JS 9.75i — MAV per to if. H- USSE945.
Murray, JohoatetM Um. Adviser} Tehyo Paeaae Mop- . hdtaij **■
163, Hope SL, Gtegow, C2- 04WBI 5521 “■« C *" M35 '
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(HO 23725 Broad SL, Sl Heder, Janey.
Mgr*. Ltd.
053470041
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MLBtolTS, 1211 Genera :
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jerrauU* Hta. SL Jidtana Ave, SL
TheCnrnmqrTnat -PUZO UBOI — J
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48 Booiaranl IhwMi Luvemh ourg
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29, Athol Street. Donate, La-M. • 062421724
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7N>wSt,SLPrtwPwLCMrtBey 04812654U2 HAVJ«4 HHSW9 -
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Htnderteu PaH— tnuag PA Box U9, Sl Peter Port, Guwwey, C.L
801, tk www ,. lL' W*r t Honf KOng
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8 LeFebwe SL, SL Petar Part, Goenuty, CJ- po Box 77, SL Pour Pan. Guera.
GDerwey Tu . ■ ■■■.- P903. ^.4( — 1 3.46 int e r Doll ar Fund
Far Ee*l Fund
MW Sand Jue utaeht HpaL InteL Ulo
HilSi'aKpiiT.Ko :S| rn - PnvMeuce Capital Ufa Ass. (tL)
tmXtZ. feme. Satoerted.., . Jd^f»425 PO Be* 122, S Pe«r Put. fiowuuyMSl 26726/9 Uroenta
— UW. Equity Fd-
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Comoty. Hid- Bee. 17 1
Pacific inL 3 k. 27 „f
M. B. Tyrrell £ Co. (Jersey) Ltd.
PA Box 426, SL ifelicr. Jersey, C.l.
On* 1 - U SOm - 4 -
Lai*.
CaruWB !»• ttmnamf LhL
PA Bra 157, SL f^ Pon, fe*rm*y
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10 , Sl Georges SuDoeg ta,1oM
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PA Box 1044,
062425015 Pucst Fund Man- (Jersey) Ltd.
— 4 - P.O. Bra 194. SL Htfler, Jersey. 0534ZM4L
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SSSjasstrl"® HjSJS -
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btu A Dudtey TsL M*t Ltd
PA Bo* 73, St Hefidr. Jcney- 053473935
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EtawraWOficrPcrJpfl 7L» -t.
latenrtttenal BMd Trust
2, BoMerard RoyM. Liueadxwg
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Puce* on J — ry i
SS&25? £tSe5v7U? (B-600 417?
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Posxfacb 26767, D iiftD Sad fc a; 16.
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28-34 Ha: SL, Su KeiUr, Sent* 0534 36231
Vanbrugh Coneocy Fif»B5J5 107 B| — .4 9.70
vaa Cuban & itaothta Lid.
42, Essex Street. Lpdobh. WCS 01-3S36B45
PaaAmcr. 0->. F±] USS6S3 | —.4 -
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30, GmKW- Sutci . EC£. 01-6004555
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7 Unrwy Pteor, i- Meiii-, Jsy- C- 053537217
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05353721
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9J7
122
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4 WB Smet, Doogtek 1.0 A
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stirs a£&%.w. bs -
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062423914 10*. Bootnaid Hg^, U-xemAwg
1+34 - Worltoidr -GSi M 'JS%.07. '
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4 Pbriy Street; EC2.
Ear—ood He Mta fi i N.V. . .
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A EstksvnL e Vooav'J upenaw price,
ft Dteritettm (we t ! ' (■’« p Peri«9c
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JBexpeMHffbnaohldJrffliBhihwag^A F rwtan*
dijri price. 9 fiocmay S««sl J 8 . Siayrrfed .
every ♦ YJekJ hHnre Jersey “f- ■ Ex -safadMsioa.
4T Only araitaMr » ehanlftl! bodies.
1C6‘
Intnl. M-n. zz rs-i> ,
jnsnl. Pn*- 165 70 5 (I3H ,
J amine Malhemn 167 70 1 2 3
jamine' Mainwon F*n- Warraiits is
Do. S'lSCUn* Ln. £2_ _ .
jartli'e Srcs. ISM 40® (81 )
Jennlog* JndL 77
Jimheriana Mins. 30 (12 1 1
Kennel Shipyard 166* (8 1)
Kerr Addison Mine* <ZS lili
K Ta-Ora Gold, 9* 8 (12-11
KDchriwv- Cald so 5 d2 t»
Kulim iMalavlU) 57
Lelch+mt Exnln. 14* i,® U
Lemwrd 011 24 IB 1 1 )
MIM Hldfli. 17« 5 B
Man eHan Fet Aus. 255 <81 J
Magnet Metals 10'; _ ,
Maimuiitfl Elec. in«. 255 B 7| S
Meekaiharra Mins. 170 4 5 7 BO
Meridian on iai s ® ti2 H
MetJls E *oln. 39 41
Meta"* Mm*. 15 ran
Metranwr Mini. t5 17 (12 t)
Mid East Mips. 9->(lA1 >
Minnesota Min. £Z7-'* io.1i
Moaul Min SS® <ff.f»
Monarch Pet*- Bvi. 10 ij
Moenle on 130® it2,t)
Mount Camnnion 20 (12 11
nrurnhv Oil ;i4‘« 031)
Mver Emp. 63
NearJ River IS'-ffl 16* 17 __
New Zealand Forest Prods. 133 (13.1 1
Nirhalna lnt"‘. ?8
Nickelcre 26 7
North 0rok*n HIB 152® 2 ll3.1)
Nor*h Flinders 36 _
NoiTh West Min. 22®
CHVhrKme is n»'i)
Or -ran Res. 24 >12 1 ■
Offshore SAO.05 2Z 3
Da..SA0.30 23 4>s
Ohio Res 45216
Oil i-nd Min*, rsu-st 10 'ff 11
OU CO. Aus- 21 2 •• njMl
Dp. Dots. 1(1-8 i® (8 13
Dll Srarrh 15 16 'j
r.i.-^-i <>n*r ft*-
Qi:-r exoin, - 59ft 6 B 9
O's-.i* Chinese 8fcp. 3 no (13 11
rwivsvas Tot. Rt. 53 111-1)
Psrtfic Cooo-r 04 5
Pil’bora Mir. *05
Pilhs-r Res. 1 SB
Fan Sriiir Pecs. IJ-';* 14 112 ' II
Pancbntincntal Min. 14S® 36 8
Psnconflnpfttai. Pea 25® 4'r (I3i|l
Pancontinental Pet Ones. 18 <j (13(1)
Peko-Walbend 318 17
Pmin Central £20% (13)1)
PepsiCo UK. £18'*
Perkin- Elmer £12v© 13>r 14
Petrofina 5A SUS97<] 9
Petroleum Sec*. Aus. 375 (12.1)
P helps Dodge >U.S.3l>x
Phillips Pei*. £U.S.32<4
Pilgrim PeL 5C0.4S iiS'li
Pioneer Concrete 93
Poseidon 142* 55 7
Cower Com. Canada 575 (1.1)
Prime Computer £11 <• (I2>l)
Rembrandt Grp. 460 slZ-1)
Resource Service 170
Rowan 3tJSl4i'i IB 1>
Roye* S (urges Min. 310
S inf K Pet. 120
SASOL 155 8 9
Sabina 17 llZ'li
Samantha E»pln. 24 (13 1)
Santos 365 7
Sreotre Res. 520* 30
Seagull Pipeline BOO Hi;i)
Selangor Coconuts 64
^cltrust A SO (1111)
5e Hr us( Z 72 Cli Ii
Shackleion Pet. 17>< H 19U 20
Shell Canada A BOO
Seel: OH £207* (Q l )
South African Manganese 120,
Southern Pacltc Pea. ZO 2 ■>* 3
Stungo 21® 19
Standard Oil Callt. £20 1’ <13-11
Standard Oil Indiana £2Su >■ i
Standard Oil Ohm £19‘ ; V (1311)
Stirling Put*. 6); ill.li
Straus Trading 232
Strata Oil 4B 52h
Sumitomo Metal 142 S <11 1)
Sunmask Pet Com. ISO:; i*1)
Swan Res. 36
Swire Pacific A 109® 2<: 3 'i 7H
Swire Pacific B I9i]0
Swire Props. 68*
Trr.. e r Peii. (AjO.15 Pd.) 161- 17 16
(13.1 1
Teck Con. B 440
Timur Dll 6* 6 112,-1)
tooth CO. 131
Tn-Conlinental £9\
Unldev 157 uO (Bit
Unilever NV (p|.20t
■ 12'1)
Union OH CalH. Cib.Ib:* iIKII
Utd. O'seas Bk. 109 13
Old. O'uit Land 9S'j
Utd. Plants Bertxad 1*0 ciail
U.S. Steel E13V lU'i'
Valiant Consd. 9® nil)
£32.10® 31.55
Vamgas ®25
ftjSSttL.uoi.'n
Warrior Ra*. 40
SJS'cSSTSST'.f; 7 .!!..)
W extern Res. 21- ±u tLn)
Wert held Mine* 52;.
Wertlnghoufk Elec. t\Vm U.S.5ZG1* (11M*
Wheelock Marden AM®”,.
Wheel OCX Marden H I Jla OSI»
Whim Creek Cons. 2B 34 JIM)
Wood side Pels. 59 60 I
York Res. 22u 3 (11 ri)
Zone r«.. 145* 03)1:
RULE 16*3 (2) (a)
Applications granted for specific
bargain# In securities pot listed
mi any Slock .Exchange.
All England Lawn Tennis £7.200 *80) _
Alliance Bldg. Sac. i3 j )(a Boa. LMABi
,48b .542 .5*7 <13rll
Am uhlan T»t. 17 b (8/1)
A* sac. Holds 166 18.11 „„
Art on Villa FA si vote) BSD
Haw f Ircironitj 24 n3.1>
Birmingham City FC 800 50 (1 JH)
Limn Alfa Lacroze Tram 5 PC DOS.
£18.20
Burrough ijamei) 107 9 (81 ■
Camr* <R«*l Alai In vs. 107 (12‘1)
Cannon Si. Invs. C
Castletown Brew. 267 70 (13'1)
Critic Basin Oil fix. 215 20 flAU
CiC Inv. lx b s v
CoghUnt Protn. 40 53 ill 12
Com. Bk. Wales 70 BO (tlili
De Gnish (Abraham) Nxw 40
Dollar Land 27
East Anglian sec*. 202 * ton
Eidridge roue A m 90<1 111)
Gal* rC i 825
Gibbs <m.) iu nyi
GRA Prog. Tst. 14 J< S U h
Grendon Trt. HgtUns.Ln. £31 >< 'j
Guernsey Gki Light 400 id-1]
Heavltrcc Brew. A 320 30 Mill) _
Hemcraun Min. Smrlt. GO 2 3 4 5 tt'll
Home Brew. SOS
IntervislMi video Ptd. 32 ■; 3
InicnXston V 7 bcCht.PT. 122
Jennings Bros. 16B 2 I12'1) '
Jersey vCannuta «ncPl. 24 IB Id
Jersey Gat 3pcPl. 17 (Bdl)
Jessd Tat. 9*« (13(t>
Key City Props. 50 ClZfl)
Le Riches store* 233 S
Lifeguard Ass. 299 (13’1>
Liverpool rC £220 (1A'1)
Manchester Utd. FC 161t< 2
Manx O'sca* Inv, To <i
Manx Pel. SB 9 tt2 ' l <
Nationwide Leu. 9’; 10<: (Till)
•NMW Computers 133 5 7
Norton VHIMrs Triumph i- (13(1)
Oil Gas Expl.,30
Oldham fists, izs^ 5
PMPA Insce. _
PUHOW Hldfll. 49 50 llj’ll
Plant, Gt n. fnvL 65 6 » 1 1-*1 )
Rbrne Plant 21 IB’H
Rowe Evans Inv, 42 J (1311
Scottish Ceylon Tea 36 7 8 r*
Seymours 4 PC Pi. PI. 35 (8.<li
Sheraton Sec. intnl. 11 ij 2 H2 1)
Shim Inv. SocPf. 25 6J;
Southern Newsoapers T59 SO Ctl.'li
Star Offshore Svcs. 49i; 50
Swan Hunter 34 (12-1 >
Tixbury Brew. 120 5
Do. New Nil Prl. 10 2 'ISC
Waimoughs SpePf. 25
Weetabl* A (NV) 78 >* 9 i
Wessex Waier Auih. 4':pe stk. £50i;
Do, 5 '.PC Slk. £52 '7 ra n
Wlnchrtoro 27 ■» !)
workinoson Brew. £00 iS b ii
Y ehwrton tiw* 29 SO 1
RULE 163 (3)
Dealings far approved companies
engaged solely in mineral
exploration.
American Oil Field Systems 122 5
Artn Energy 20 1 3'j 4 30*
Atlantic lira.. 190
Berkeley Ex pi. Prod. 3SB 60
Caledonian Offshore BO (12 I)
Cambridge Pet. Royalties 275 6 <B 1>
Candecca Kes. 195 7 8 200
Energy Aes. (N. Ireland) B (Res.Vta.t 10
m 1)
Ken mare Oil Expl. 16
Marl aex Pet. 98 100 3
Moray Firth Expio. (50p Pd.i 97 101
Sieau* Roman* ■ British) 55
Sun Oil (UKi-140 ii2:i);
(By permission of the StoeK
Exchange Council)
rJIOWEY MARKETS
London clearing bank base
lending -rates 141 per cent
(since December 4)
Day to day credit was in
extremely short supply in the
London money market yester-
day. The Bank of England Save
an early forecast of a shortage
of TSOOm which was later re-
vised to £400m and then again
to £450m. Factors affecting the
market included bills maturing
in official hands and a net lake
up of Treasury bills — £210m. a
rise io the note circulation
-£U5m-and Exchequer trans-
actions + £15hL The Bank gave
assistance in the morning of
£422ra, making purchases of
£25m of eligible bank bills in
hand 1 (up to 14 days) at 14}
per cent and in band 2 1 15-33
days) £2ra of Treasury bills at
14; per tent, £67m of eligible
bank bills at 14f per cent, and
in band. 3 (34-63 days) Chu of
Treasury bills at 14 J per cent,
£35 m of local authority bills at
142 per cent and £152m of
eligible bank - hills at 14} per
cent.
In band 4 (64-91 days) it
bought £04m of local authority
bills at 14iV-14i5 per cent and
175m of eligible- bank bills at
14 iV -14 hi per cent. Io the after-
noon further help of £l25m was
given, making a grand total of
£547m. The further help com-
prised purchases of £20ra of
eligible bank bills in band 1 at
14J Per cent, £5m of local
authority bills in band 2 at 141
per cent and £100ni of eligible
bank bills in band 2 at 142 per
cent.
The result of yesterday's
Treasury hill tender will appear
in Monday's paper.
THE POUND SPOT AND FORWARD
EXCHANGES AND BULLION
Trading was raiher tbln in
currency markets yesterday
ahead of the weekend. There
was continued uncertainty as to
how U.S. interest rates would
move while activity ahead of this
week's U.S. money supply figures
was minimal- New York entered
ihe market selling dollars, but
intervention in the money
market to drain reserves by the
U.S. Federal Keserve Bank
helped the dollar recover most
of the day's losses. Sterling may
have gained some heart from an
unchanged inflation rate after
the release of December's Retail
Price Index aod was generally
firmer. However, fears over a
possible strike by coal miners
may have limited the scope for
improvement.
Slerling's trade weighted
index rose to 90.6 from 90.1,
GOLD
Jan 15
U.S
Canada
Nethlnd.
Bef-jium
Denmark
I island
VV Ger.
Portugal
Spain
Italv
Norway
Fiance
Sweden
Japan
Austna
Switz.
Day's
spread
Close
One month
p.a.
Three
months
Jan. 10
Jan. 14
1.8640-1 .8805
2-2220-2.2430
4.69-4.74
72.90-73.65
14.02-14.12
1.2045-1.2210
4.29-4.34
124.00- 125.53
184.75-186.25
2299-2317
10-93-11.03
10.89-10.96
10.50-10.55
416-422
30.00- 30.30
3.45^-3.491;
1.8680-1.8890 0.28-0.18c pnr
2.2370-2.2380 0.1 5-0. 05c pm
4.72‘,-4.73», IWjC pm
73.50-73.60 1S-38c dis
14 .08 1 -M M’ a 3 7 i-2'.ore pm
1.2180-1.2200 0.16-0.25p dis
4.31^-4.32*4
124.40-124.70
185.10-185-30
2301-2303
2-i'jpl pm
25 -185c dis
10-40e dis
10>i -13 J J ire dis
lO-Se^-IO^'a 2Vl'aore pm
10.96-10.97 *ac pm-J 4 dis
10.50-10.52 2V1 r xor« pm
419-420 3.20-2.90y pm
30.07-30.12 16-llgra pm
3.46>4-3.47» 4 2 1 ,-1 5 *c pm
Belgian rale is lor convertible Irancs. Financial Irene Si .90 e2. 00.
SiK-month forward dollar O.4S-0.3Sc pm, 12-monih 0.DS-0.40c pm.
1.48 0.4B-O.38 pm
0.54 0.20-0.05 pm
4.12 5<.-4S pm
—4.57 85-115 dis
2.55 5V3>-pm
-2.07 0.74-0.92dis -
4.86 5*i-4 7 i pm
“10.12 105-385 dis -
r 1-62 45-75 dis
-6.38 39-43 dis
2.39 5*4-4 pm
—0.27 2-3 dis
2.64 6V5 7 , pm
8.72 8.95-B.6S pm
5.38 42V32 1 ! pm .
6.48 E’rS pni
p.x.
0.92
0^2
4.12
-S.44
1.24
-2.72
4.74
■7.87
-1.29
-7.12
1.78
-0.91
2.40
8.39
4.98
6.08
Gold Bullion (fine ounce)
Close 'S376 377 i£201 U 2OH4' S375i s -376i s
Opening S376‘-i-371^ u;20l=« Z02',| S374i 3 -375i s
Morning fixing S377.25 ii:201,868i 3371
Aharnoon fixing *379^5 (£202.429) 5574,75
Gold Coins
Krugerrand
l;l Krugerrand ..
:h KrugarranU...
■mb Krugerrand
Maplalaaf....
New sovereign*.
King Sovareiyns.
Victoria Bovs
French km,b.
ou pesos Mexico
lou Cor. Austria.
IZd Eagle*
3392. 393
B202 203
=>103 104
342 43
>393 394
•98 U 9314
Bll)5i{-1061»
4105 1?- 106 'j.
i9E 102
*469-473
3365 36H
F502-507
-1:209^ -210UJ
iL-ioa ios<xi
■i.'55-55iu)
l£221x-23>
(£210U-210^)
■£49ii 49 )fli
(£561-; -57 1
(JC56i t -S7i
0:4914 54ly)
(£251 253
i£ 1951; 196)0
2681^-271 ■*
5390- 391
3201 202
4102 103
34lo|.g
539 1- 392
393)=-93is
61041- 1051;
S104i-105»j
593-103
5467 470
3368-371
5500-505
EXCHANGE CROSS RATES
•U.S. DoTlar
Jan. 15
Poundsterling
Pound Sterling
X.
U.S. Dollar
0.635
Deutschemark
0.231
Japanese Yen 1,000
2.384
French Franc 10
0.912 • i
Swiss Franc
0.258 |
1.859
2.
0.432
4.454
1/704
0.53d
Dutch GuiWar
Italian Ura. 1,000
0.211
0.434
Canadian Dollar
Belgian Franc 100
0.447
1,560
0.395
0.812
0.914
1.878
1
|
4.323
2.313
410.5
£24.5 1
10.969 j
5.868 J
3.473 "
1.858
4.730 i
2.531
2302.'
1 1232.
2.238
1.197 j
73.55
39.36
! |
1.
97.05 I
2.537 j
Q.B03
1.094
. 532.6 |
0.518
17 02
< t :
10.30
1000. ]
26.14 !
&.27B
11.28
• 5487. ]
1 6.334
175.3
3.942
3B2.6
10. i
3.167
4.314
2099. I
2.041
67.08
l
1.245
120.8
3.158 i
1.
1.362
i 662.9
0.644
21.18
0.835
2.540
1.932
5.877
88.69
2.318
1 0.734
h _
485.7 ,
| 0.473
15.55
1H2JZ '
4.763 j
1.506
2.055
1000.
0.072 !
31.95
187.5 ,
4.901 1
1.552
2.114
1029. 1
1.
32.87
570.4
14.01 1
4.721
6.431
3130.
3.042
100 .
EURO-CURRENCY INTEREST RATES (Market closing Rates)
Jon. 15
Sterling
U.S. Dollar !
Canadian
Dollar
Dutch Guilder
Swlsa Franc
Watt German
Mark
French Franc
Italian Lira
Belgian Franc
Convertible
Japanese Yen
14)a 14?a
12V 12 aa ;
13-14
lOii-ldn
2's-3
9<« 10
15 15*2
17-20
1219*15
6-6 In
14 -*-15
12^-13 1
13 ) 4
10 10 lx
3**4
10 10*8
15-15**
18-4-21
13-16
61* 6i*
25J S 1.5**
UJe-Uss 1
34*s-14Je
U*f)r} 0 .t
di* Bie
10, i 10,5,
151,-15^
20:® -21 »n
18-20
6 *4-6*8
15 ,*16,;.
14-141* [
I6*a 15 *b
lOht-lO.i
Xi Bli
10,.- 10,-
lb'« Zbv
21 14-22)^
19*4-20**
6** 6?3
15,«: A5»
14 /g 15 la
)6i,-lb*S
10-* -10 i B
“ii b;S
10,1,-10'n
17iy 17wt
23 If. 24'*
20 8l»i
6.^-6: ; -
One Year '.
ISA 15 il
15-15*4 ’
lb^< lb -4
loib-n.i
b*:-6i*
10.11U.5C
iai B -lBa e
231* 241*
18-4-201™
6V67 P
3 months U JS. dollars
bid 14 E.'hJ , offer 14 7H6
6 months U.S. dollars
bid 151/16 , offer 153/18
The fixing rates are the arithmetic means, rounded to the nearest ona-
aixtoanth. of the bid and afTared rotas for SlOm quoted by the market to five
reference banks at 11 am each working day. Tho banks are National Westminster
Bank, Bank ol Tokyo. Deutsche Bank. Banque Nationals de Paris and Morgen
Guaranty Trust.
LONDON MONEY RATES
Smarting ' - _ Local Local Auth.i Finance
Jan. 15 Caitificate rnteroank Authority neqotlabla) House
1BU2 ol deposit : deposits bonds ; Deposits
— F^T-
'Company Market Treasury, Sank Trade
1 Deposits Deposits Bills® | Bills® , Bills®
OvemlghL.
■2 days notice..
7 days or.
7 days notice...
One month
Two months —
Three months.
Six. months
Nine months....
One year ........
Two ynara
3-151*
14'*-14i« 1
14fts-14J< (
15,1-15,5,
154a 15 >4
15,4 IS,*
15V 15 U
WSfi-XS
151a I5i*
15, > 15*z
15*2-1541
15,1,-15 ii
15Js-15>4 1 151* 15Sg
15)6-15, i. ; 13 i*-19>8
14i*-141«
15
15ie
IB j*
- ,14i t -15 12 la-14 M, —
15%
15%
15%-lb
18*4-1576
16ii-15*4 .
14 i B 14 V
15a,-35)a I
25*2-25*4
15*b
15, c
25*s
15 \
IE- 15 1, 14>4-14Jb -
15l| 14*s 14,-irl4*» 14 U -14*{
254, J 14 1* 24 £-24*t 14 *z
16 14>* 14, k 1441-14;-*
. — . - 1 - 14)g- 14 >:
15)e
15)8
15)8
15
Local authorities and finance houses seven days’ notice, others seven days fixed. Long-term local authority mortgage
rates nommafry three years 15*» per cem; four years 75*i per cent- five years ISh per cent. ®Bank bill rates m table
are buying rates for pnms paper. Buying rates for four-month bank bills 1-4* 1 !*-!* 7 * par cent; four month trade bills
^Approximate seeing rate lor one month Treasury bills 14*, per cent; two months 14*, per cent; three months
14» u per cent. Approximate selling rate for one month bank brfta 14Vl4“n P«r cenc two months 14U„-147u per cent;
and three months 14»*«-14*i, per cent; one month trade biHs 15*, par cent; two month 15*, per cent; three months
1S> * Ftaanen^Houses Bace Rates (published by the Finance Houses Association) 15** per cent from January 1. 1982
Clearing Bank Deposit Rates lor sums at seven days’ notice lZt,-l2*i per cent. Clearing Bank Rates for lending 141, per
cant. Treasury Bills: Average tender rates of discount 14.5459 per cent.
Sterling.
U.S. doilar.
Canadian dollar....
Austrian schilling. -
Belgian franc-
Danish kroner.
Deutsche mark.. ..
Swiss franc-
Guilder
French franc
Lira
Yen
90.6 -33.1
109.0 7-2.3
88.7 —16.5
116.8 -t-25.2
104.5 -7.9
B6.5 —20.5
121.7 4-43.2
151.6 t 102.8
114.2 4. 19.7
80.2 -25.0
55.2 -57.5
143.7 , 4 37.5
Based on trade weighted changes from
Washington agreement December, 1971.
Bank or England index (base average
1975=100).
EMS EUROPEAN CURRENCY UNIT RATES
OTHER CURRENCIES
Currency V. change
ECU amounts (rom
central against-ECU central
rates January 15 rate
— JJO). 15
£
V. change
adjusted for Divergence
divergence limit %
+1.27
- 0 . 0 B
+0.60
—0.39
- 0.51
— 0.28
+0.57
Changes are for ECU, therefore positive change denotes a
weak currency. Ad/ustmant calculated by Financial Time*.
Sterling/ECU rate for Jantury 15 — 0.566412
Belgian Franc ...
40.7572
41.6443
+2.18
Danish Krone ...
7.91117
7.97685
+0.83
German D-Mark
Z. 40989
2.44378
+ 1.41
French Franc ..
6.17443
6.20623
+0.52
Dutch Guilder ...
2.663S2
2.674S&
+0.40
friah Punt
0.68445Z
0. 688756
+0.63
Italian Lira
1300.97
1309.62
+0.69
±1.5368
±1.6412
±1.1077
±1.3733
±1.5063
± 1 . 6 688
±4.1229
. Argentina ^e*o _.18.29 3- IB ,313 f
Australia Dollar... .1.6750 1.6770
Brazil Cruzeiro.... 242.25 243.25
Finland Markka.. 8JE50 8.261
Greek Drachma.. 107.8iD-110.nB
Hong Kong Defter 10.918-10.938
Iran Rial 149.50*
Kuwait Dinar ( KDr 0.5260.532
Luxembourg Fr... 73.50-73.60
Malaysia Dollar... 4.1950 4.2050
New Zealand Dlr.2.2970-3.30i0
Saudi Arab. Rfyai 6.35-6.41 -
Singapore Dollar. 3.85-3.86
Sth. African Rand I.BO75 1.3065
UJLE. Dirham ....• 6.82-6.88
£
Note Ratas
9,750 9, BOOt
0.8670 0.8975
129.32 129.97
4.4140-4.4160
58.58-58.78
5. B4 50-5.8550
79.30*
0.2629 0.2632
39.35-39.37
2.2460 £.2510
1^305.1JI315
3.4175-3.4205
2.0620 2.0670
0.9675-0.6685
3.6720 3.6740
Austrian
Belgium
Danmark
France
Gern.my.^.,..
Italy
Japan
Netherlands..
Norway
Portugal
Spain _
Sweden-
Switzerland
United States
Yugoslaviajjj-
29.90 30.5
82.30-82.
13.99-14.)
10.90-11.(
4je9*j^.3;
£350-2301
. 41B422
4.68124.7:
10.96.11.
125*1-132
1B4-1BJ
10. 51-10. (
3.4512.3,41
1.8-71.81
87.94
t Now one rate. * Selling rate.
UJL CONVERTIBLE STOCKS 15/1/82
Name and description
Coo- Premiumf
Size Current version Flat Red.
(£m) price Terms* dales* yield yield Current Rangei
Statistics provided bv
DAT AST BE AM International
Gbeap(-f-)
Dear(— )■>
Income
Equ.S Conv.li Div.T' Current
Rrilisb Land 12pc Cv. 2002
9.50 255.50 _ 333.3 80-97 4.7 15 02 - 6to 4 16.9 S7.2 27.6 + 27.4
^2 " U -U
Hanson Trust 6ipc Cv. SS-93 3.02 156.50 57.1 76-83 4.2
-0.8 -lOto— 1
8.2
Hanson Trust 9Jpc Cv. 01-06 42.70 ‘ 105.00 35.7
85-01
9-6 9-6 6.5
2to 13 83 0 76.5 - 6.5 -13.Q
Slough Estates' lOpe Cv. 87-90 5.31
Slough Estates Spc Cv. 9J-94
221.00
102.00
187.5 78-S5
4.5
-3.4 -71o-l 26.7 24.8 -
having stood ai 90.6 at noon and
90.3 in the morning. Against the
dollar it opened at S1.S660,
dipped briefly to S1.8640 and
then rose to a best level of
S1.5S05 before coming back as
Ihe dollar recovered to close at
Sl.S6S0-l.S6b0, a rise or 55 points.
Against ihe D-mark it finished at
a( DM 4.3250. compared with
DM 4.30 and SwFr 3.4725 from
SwFr 3.4550 in terms of the
Swiss franc. It was also firmer
ayainst th» yen at Y419.5 from
Y418.5. The dollar closed at
DM 2.3125 against ihe D-mark
from DM 2.3070 and SwFr 1.8575
from SwFr 1.S540. It was
unchanged against the yen at
Y2MS. On Bank of England
figures the dollar's Index fell to
109.0 from 109.3.
Gold closed af S376i, up Sj an
ounce From Thursday but down
$24 on the week.
(£20fli< -SD2M
(£201 >4 201$*)
(£198.248)
l £201.693)
{£210 210**1
a- 108 '«■ 106**1
l£54J* 55*2)
22-221*1
Ii'210l2-2U)
i£49),-S0r*)
(£56*4-56^*1
i£66'« 56*4.
(£50-55*21
(£251**-25Si
it' 198- 199^4,
(£269-2713* )
Dftiiticham'k Japan's®^ Y 1 eii" Wen oh Franc, iwlss Uranic " Dutch i'uild 1 lul ten' Lira Canadia Dollar Belgian Frank
SDH l-nkud depos-is: one month 12J-12*, per cent: three month* IZUia-ISS* P® 1 cant: six monriis per cent: one yejr ISb-IS 1 * per cent.
ECU linked deposits: one momii 13 ' u -13 , j». per cem; three months 1 A-W, per ceol; *m months 14i u -14 u i» per cam; une year 14*4-14', per cent.
Asian S (closing rates m Singapore); one month I3»u,-13 1 H* per cent; ihie# monitia 14L-14’, per tent; six months 15-15*, per cent; one year loVIS 1 * per cent.
Long term Eurodollar two years 15V15*. per cent: three years 15 J ,-l5li per cent; lour years iPi- 15*, per ceric five years 75V IS 7 , per cent nominal closing rales.
The lalioff.nrj rales were quoted for London dollar certificates of deposit; one month 13 35-13 45 per cent: three months 13.55-13.95 per cent; six months
14.63-14 70 .pci cent: one yeur 14.90-15.00
FT LONDON INTERBANK FIXING (11.00 a.m. JANUARY 15f
CURRENCY MOVEMENTS
■ Bank of Morgan
Jan. 15 ; England Guaranty
Index Changes^
v
Investors again disregard troubled industrial scene
Gilts lead and equities go ahead in late trade
Account Dealing Dates
Option
“First Declare- Last Account
Dealings (ions Dealings Day
Dec 23 Jan 7 Jan 8' Jan 18
Jan tl Jan 21 Jan 22 Feb l
Jail 25 Feb 11 Feb 12 Feb 22
• " Now time " dealings may taVe
place from 9.30 am two buaknass days
earlier.
The prospect of furtbe travel
difficulties and continuing un-
certainty in financial markets for
much of next week while the
miners' votes are counted were
again disregarded yesterday by
London stock market investors.
Government stocks attracted
fresh funds, which included the
reinvestment of interest payment
proceeds, and gained np to 1
more. Leading shares were hesi-
tant for the first hour or so. hut
eventually followed Gilts higher.
Chemical shares continued to
benefit on switching from long-
time favourites Oils and Electri-
cals. Among the latter. Racal
succumbed to further, albeit re-
duced. selling after Thursday's
weakness .following the balf-
vearly statement Much of the
demand for Chemicals was
directed towards market leader
ICI. up S more at 316p: this fol-
lowed advice given in a broker's
circular about the group's pre-
liminary results, due around the
end of February.
Only fractionally higher during
the morning, the FT Industrial
Ordinary share index held its
ground in the afternoon before
heading noticeably better after-
hours to end the first’ leg of the
current tradin'! Account 4.4 up
at 531.6: yesterday’s rise restored
this measure of the market to
around the previous week's clos-
ing level. The Monnpolies Com-
mission decision to bar the bids
for Royal Bank of Scotland took
the tatter down late to 126p for
a fall of 15 on the day and one
of 66 on the week.
Royal Rank sold
Extremely tight credit condi-
tions in short-term money mar-
kets were relieved by official
assistance and thus made no im-
pression on Gilt-edeed. The mar-
ket was also comforted by the
the overnight recovery in U.S.
bonds and sterling's better trend
vesterday. Longer maturities
settled at tho best, but many
shorts eased from the highest in
the after-hours' trade.
Demand for Traded options re-
mained relatively buoyant, with
2.059 deals transacted— 1.495
calls and 564 puts. The week's
daily average amounted to 1,797.
Racal continued to attract an
active business with 360 calls
and 250 puts completed, while
the strength of the underlying
share price prompted renewed
support of ICI which recorded
272 calls.
The Monopolies Commission's
rejection of the two £500tn bids
for the Royal Bank of Scotland
led to renewed selling of the
shares; having already fallen
from last Monday's opening level
of 192p to 141p at the start of
business yesterday on uncon-
firmed Press reports that the
bids were doomed, the shares
stood at 134p ahead of the official
report and closed at 126p, mak-
ing a decline of 15 on the day
and ode of 6fr on the week.
Bidden; HongKong ami Shanghai
and Standard Chartered both im-
proved following the announce-
ment the former adding 5 at 13flp
and the latter 10 at 685p.
Man son Finance rose 4 to 5Sp
in response to Press comment
and Guinness Peat rallied a few
pence to S3p. Lloyds, 420 p, aod
Midland, 332p. lost 6 apiece
among quietly dull major
cl carers. . .
The tone" in Buildings was
distinctly firm. The leaders re-
sponded to renewed investment
buying and Blue Circle, 512p.
and BPB Industries, 324p. firmed
6 apiece. Redland put on 4 to
16!£p and Barrett Developments
5 to 219p. Against the trend.
Wimpey slipped to 93p before
closing 2 cheaper on balance at
94p. Elsewhere, UBM added 4A
for a .two-day. gain of 51 to 571 p
following the announcement of
the disagreement that led to
the resignation of (he chairman
and managing director Mr
Michael Phillips. Other firm
spots included J. Jarvis which
edged up 3 to a peak of 240p
and Marchwiel. which sained 6
to 120p. Feb International
found support, the ordinary ris-
ing 5 to 93p and the A 3 to SOp.
Persisting talk of a broker's
circular prompted fresh support
for ICf which gained S to 31 6n;
the preliminary results are due
next month. Among other Chemi-
cals, Allied Colloids hardened
a penny for a gain on the week
of 21 to 161p on . the exrellent
interim results, while Arrow
attracted speculative support on
revived bid hopes and put on 6
to 48p. Blagrten and Noakes, a
thin market, al«o finned 6. to
102o, while Coates Brothers
added 3 to 62p and the A 2 to
59p.
FT-Actuartes
All-Share Index J
SHARE PRICE
MOVEMENTS
[ IN REALTERMS
* FT- Actuaries
Afl- Share index
Adjusted for Inflation
1970 1971 1972 1973 ISM «7S ®7B 1977 1978 1979 1980 1961 1982
dearer at 12Jp and George Oliver
A. 5 up at 105p. Dixons Photo-
graphic gave up 6 to 155p on
further .consideration of the in-
terim results.
British Home good
Leading Stores finished the
Account on a firm note. British
Home were particularly good at
133p. up 7, while Gussies A added
a similar amount to 553p. Burton
rose 5 to 135p with the Warrants
a couple of pence to the good
at 46p. Habitat, a dull market
of late following rhe completion
of the Mothereare merger, ral-
lied 8 to 11 3p. Interim results
from Raybeck were much as ex-
pected and the shares, up
to 43p in immediate response
to the announcement, closed a
penny lower on balance at'40n.
Cornell Dresses. 143o. and Polly
Peck. 355p. both eased 5. the
latter following adverse Press
comment. In contrast, scattered
support was evident for Good-
man Bros and Stockman. 21
In contrast, to the previous
day’s trend, -secondary issues
provided most of the interest in
Electricals. Cable and Wireless
encountered good investment
demand and closed. S higher at
a peak of 224p, while Chloride
put on 3 to 30p on speculative
buying fuelled by takeover
rumours. Crystalate advanced 4
to S3p in response to Press com-
ment and Jones Stroud hardened
a couple of pence more to 86p
after further consideration of the
better-than-expected interim
figures. Henry Wigfall, on the
other hand, fell 20 to 120p on'
the n.8m deficit incurred at the
half-way stage. An increased
deficit also depressed Dewhurst
and Partner A. which shed 2j
to 9p. Amsirad came on offer
and lost 10 to 200n. The leaders
were featured by renewed weak-
ness in Racal, which lost 5 for
ja two-day reaction of 35 at 3R5p
after the interim statement. GEC
edsed forward 5 to S05p and
Plessry 2 to 347p.
Trading in the Engineers
leaders remained slow, but
quotations edged a little harder
in places, Tubes improving 2 to
126p and GKN a penny to 16Bp.
Among secondary issues, specu-
lative demand in a difficult mar-
ket prompted a rise of 10 to
155p in Vos per. while Clayton
Son were also outstanding with
a similar gain at Wn. Revived
buying lifted G. M. Firth S to
20Sp. Marlonatr edged up 4 to
222p and Baker Perkins a like
amount to 93n. while B. Elliott
firmed 3 to lOOp. StiU reflecting
the interim results, Symonds
Emrineerinc imnroved a penny
further to 10n. On the other hand
scattered offerings left Howard
Machinery 2 cheaper at 23p and
F. Pratt 3 lower at 70p.
Unigate touched H6p before
closing a penny dearer on
balance at 114p on Press sugges-
tions, later denied by bnth
companies, of a 150p per share
bid from S. & W. Berisrord, 3
easier at l‘20p. United Biscuits
hardened a penny to l3p follow-
ing the announcement of the
£24.5m acquisition of chocolate
manufacturers Joseph Terry
from Colgate-Palmolive, un-
changed at S70p. Ranks Hovis
McDougall added a penny more
to 67p as bid rumours persisted,
while British Sugar touched
386p before settling 3 dearer on
balance at 3S3p. Elsewhere in
the Food sector. Soniportcx shed
5 to 125p.
ACC np oil bid
On the agreed 66p per share
cash offer from Mr Robert a
Holme’s Bell Group of Australia
and th« possible counter offer
from Heron Corporation, deal-
ings were resumed in Associated
Communications A and the close
was 67p. or 14 up on the suspen-
sion price. Elsewhere in
miscellaneous industrials. Turner
and Newall attracted late support
on revived speculation about a
possible dawn raid and closed 4
better at 97p.
Demand ahead of next
Wednesday's preliminary results
lifted Anglia TV A 7 to a peak
of 115p.
Further consideration of the
preliminary figures left Associ-
ated Newspapers 3 up at 17Sp,
while Dally Mail and General
Trust, which controls around 50
per cent of the former, jumped
25 to SSOp following the
increased annual dividend. Else-
where, Eucalyptus Pulp and
Paper, which recenily announced
a change of domicile to the
Bahamas, came in for renewed
support and ended 6 up at 223p.
Leading Oils put on a better
showing. " but there was little
force behind the improvement.
Shell settled with a rise of 6 at
382p and British Petroleum
FT-ACTUARIES SHARE INDICES
These Indices are the joint corapHatjan of the Financial Tines, the Institute of Actuaries and the Facsdt? of Actuaries
EQUITY GROUPS
& SUB-SECTIONS
Fri Jan 15 1982
Tlw WkJ Tub Km Yew
Jan Jan Jan Jn ago
14 D 12 II (wnj
H&b and Lows Index
Mu
Rgws ■ p wnd mi anbtr fa.
nf S8da per sector
Grass I Esc
Oh. I P/E
„ %1 . ,Wd Wb W« late Wu Into
(M«J wra \m Ho. Ka. No. fa. fa
30%) I
38030 (2818/0)
33434 QJ5W
61027 (30/4/81)
1246J5 (28/8/82)
53220 (30/4/81)
23026 (24/4/81)
38M7 asm)
U2.76 (Z/5BD
40533 W.
29628 (17/2311
3236 fli/£/tT)
27737 (3/?;81) 1
572.90 CV9/8I)
363.73 (3/9, 'SD
476.41 (14/8/81)
52205 (11/5/0)
163.79 0/5/81)
294.06 (30/4/8!)
17284 (30/4/31)
27122 (23/8/81)
31140 (1/5/81)
249JL9 (30/4/BZ)
323.04 (30/4/82)
129.79 (22/4/81)
644.76 (24/4/81)
31463
272J8 (15.1/C1)
236 82 (33/Ull)
40339 (Sfl/81)
638.13 (15/1/81)
374.44(20/1/81)
162.47 (15/1/81)
IT7.:C ,14.1/81)
62.73
2:735 ‘.S/tiBU
244.42 ji3/131)
2BU7(m-Sl)
44089013/0
24538(14/1/81)
32738(16/1/81)
414.73(28/9/81)
10B8S 04/1/81)
21L94 OUttXn
uzjnnnm
19337(19/1/83)
22984(28/9/83}
19189 CBW8D
23535 (23/3/83]
92J9£30aMU
43038(3/9/81)
249.93(28/9/83)
38030 (28/3/81) 50.71
33434 G/5/O) HE
631LZ7 (KWff?) 7148
1266.15 (2KKIJ M.71
52220(30 MAD 6439
23026(24/4/81) 4143
19229 (4*5/79) 4?;M
17039 05/jK) 19.91
40533 (HW37; £7735
296.18 07/Gi'J?) 6141
32536 I'iAttm 69.47
27787 (3/5/0) 3987
57i90 (3/9/81) 5425
36173 (3/9/83) (17538
<76-41 04/8/5!) 5483
52635 (il/5,fD 5588
16179 (l-Sni) 4386
29486 Cn/W) 5283
23572 07/1/67) 6286
33936 (2/8/72) 9434
31140 (l/KBJ 122984
249.19 (334/83) 5883
329.77 (45,79) 7120
246.06 (1/9/72) 4534
644.76 (24/4/82) 9CS0
32488 (3/ME1 6BJ9
03/12/74)
(11/12/74)
(2/12/74)
(2S/6/i2)
(2/1/7 5)
(M2/75)
(6/175)
(6/2/75)
(150/G1)
(13/12/74)
03/2274)
03/1274)
0112/74)
(26/5/80)
(9/3/75)
(6/1/75)
(6/1/75)
(6/1/75)
0112/74)
remz)
(28/9/Bl)
(6/3/75)
0/12/74)
(2/1/75)
(2M/62)
(6/7/75)
Eipity section or group Base due Base rate Equity section or group Base date Base value
Other Industrial Material*...— 31/12/80 287.41 Other Financial 31/12/70 l»Q6
Other Consumer — 31/12/80 238J4 Food HanActurhig 29/12/67 11413
Heatth/HOKehoM Prods. — . 3002/77 26L77 Food Retailing 29/12/67 11413
Other Craps 31/12/74 63-75 Insurance Brokers 29/12/67 %'kf
Overseas Traders 31/12/74 10080 hwmBmw -. 2902/67 lOOOQ
Engineering Contractor* 31/12171 15384 . . AUOther 1QW6Z 10C.00
Mechanical Engineering — ........ 31/12/71 15384 BriSsb Govennaeot 31/12/75 lOttOO
Office Equtyment 160/70 12820 Debs.* loam 3102/77 lOOOO
Industrial Creep 31/12/70 12820 PraftrewCe ..... 31/32/77 76.72
t R* ykUi A M of the mstltefft Is avDMic from the PubGshen, The FbandaJ Times. Bracken House. Cannon Street, Imidfa EGA prira 15ft ity p« 26iafr
CONSTITUENT CHANGES: Beawnont Pwrw (Property) and Mothereare (Sure*) bam hero deleted and replaced by Ate Imestaw* Trust (Imam* Trusts)
and Buttonwood Brewery (Fonbars) (Brewm and KstiRers) respectively.
DEBENTURES AND WANS: VauxhaA Motor* reme changed to General Motors (December 31).
Base date
31/12/80
31/12/80
3002/77
3102/74
31/12/74
3102/71
3102/71
160/70
3202/70
Equity section or grotty
Other Financial
Food Manrfacturinq
FoodReta B hty —
Insurance Broken — - -
Mining Finance
AU Other
BrBMi CnwiTT Hiein
Dibs. * Uans
Base date Base value
3102/70 128.06
2902/67
2902/67
2902/67
2902/67
10/4/62
3102/75
3102/77
310207
finished 4 to the good at 300p.
Burmah, currently bidding for
Croda Tnlernational, closed
unaltered at 113p following news
that the former is putting up for
sale its Quinton 'Hazel motor
component subsidiary. Press
comment directed attention to
Gas and Oil Acreage, which
advanced 20 to 420p, and to
Caxless Capet. 7 to the good at
167p. 1C Gas were firm at 20/ p,
up 7. while Flair Resources
gained 15 to 190p.
Among Financial Trusts, K. P.
Martin eased S to 297p, while
Exco drifted off to dose 3
cheaper at 172p. Press mention
stimulated interest in English
Association which gained 5 to
160p.
Buying in the Shipping sector
broadened. wiLh renewed support
leaving Lyle up 12 further at
31 5p. Common Bros advanced
10 to 260p, while Reardon Smith,
UOp, and the A, 105p, both
improved 5. P. & O. Deferred,
in contrast, eased 3 to 137p. as
recent speculative demand faded.
Rally in Golds
Textiles finished a shade
firmer, where altered. Courtaulds
added a couple of pence to 79p.
Stoddard A held at 14p follow-
ing the reduced first-half loss.
Sckcrs eased a penny to 16p;
the price in yesterday’s isspe
was incorrect.
Among Teas, New Sylhet
encountered profit-taking and, in
a restricted market, eased 15 to
225p, still 25 above the offer from
Bon Marche Wine (Shippers).
A much steadier performance
by precious and base-metal
prices encouraged a welcome
roily in mining markets which
had remained under sustained
pressure for the previous seven
trading days.
South African Golds rallied
sharply at the outset, aided by
overnight U.S. support coupled
with a bear squeeze, and gradu-
ally improved during .day to
dose at, or around, their best
levels.
The Gold Mines index
responded with a ' gain of 8*0 to
273.8, but remained 24 J2 down
over the week, despite We does- '
day’s news that ail the mines
in the Gold Fields g roup
managed to improve their profits
daring the December quarter.
Heavyweights showed gains
ranging to £14. as in Randfon-
tein, £28$, while Western Hold-
ings recouped J to £21 and
Drlerontefn i to £114. Unisel
were prominent among the
cheaper^priced stocks and
closed 23 to the good at 405p.
The bullion price rose 50 cents
to $376.50 — $24 down on the
The rest of the December
quarter results from , the South
African gold mines are, due next
week, starting with those in the
Barlow Rand group, which are
due to be published on Tuesday.
The December -quarterlies
season ends on Friday with the
results from the Anglo
American group .along with
dividend declarations from
ERGO, Sallies, Southvaal, Vaal
Reefs aod Western Deep.’
Financials rallied m line with
Golds. Gold Fields recovered
5 to 445p and Anglo American
Corporation 9 to 634p. De Beers;
staged a strong rally and dosed.
10 firmer at 347p, but remained
5 cheaper on the week after last
year’s 46 per cent fall in world
diamond sales.
Australians were generally ' a
fraction better with the notable
exception of Golds, The latter
sector continued to .attract size-
able selling with Gold Mines of
Kalgoorlie 20 lower at 320p,
Poseidon down 11 for a two-day
decline of 31 to 127p, and North
Kalgurlie 2 easier at 60p. In
the leaders, CRA rose 6 to 156p,
as did Meekatharra, I76p. Among
the speculative issues. Geometals
dipped a penny to 14p.
OPTIONS
First Last Last For
Deal- Deal- Declare- Settle-
Ings ings Hon . ment
Jan 18 Jan 29 Apr 28 May 10
Feb 1 Feb 12 May 13 May 24
Feb 22 Mar 5 Jun 3 July 14
For rate indications see end of
Share Information Service
Call options were taken out in
LEADERS AND LAGGARDS
Percentage changes since December 3L 1981, based, on
Thursday, January 14, 1982.
Shipping and Transport
Chemicals
Other Consumer
Enqiiteoring Contractors
Food Manufacturing
Contracting. Construction ...
Health and H’sahotd Products
Stores
Orticr Groups
Food Retailing
Motors
Insurance Brokers
Overseas Traders
Cnnvumer Group
Packaging and Paper
Toatiles
Investment Trusts
Building Materials
industrial Group
Ottior Industrial Materials
Tobaccos +
Newspapers, Publishing
500-Share Index
Mechanical Engineering
All-Sfiare Index
Office Equipment
Capital Goods -
Leisure
Insurance (Life) ;
Insurance (Composite)
Metals end Metal Forming
Property
Financial Group
Brewers end Distillers .....
Electricals
Merchant Banks
Banks
Oils
Mining Finance
Gold Mimra Index
Discount Houses
- 1-53
- 1.65
- 188
- 2.06
- 2.11
- 2.16
- 2.32
- 280
- 3.10
- 3.24
- 3.51
- 3.63
- 3.89
- 4.14
- 4J8
- 5,37
- &2S
- 7. SB
—13.58
-13.72
RECENT ISSUES
EQUITIES
t3Q .F.P.'
100 iF.P.
35 ;f.P.:
225 F.P.
an F.P.:
80 F.P. ,
- 'F.P..
sail f.p.
150 F.P.;
30 [ 294 Asset Sort a 1 lOp... „| 29 lj|
98 96 B.iillic GiffordJ'nTst 97 |
35 ; 30 IfOity Site 30 |
240 .214 jComp.ASyats.Eng 20p<214 -6
86 t B2 Cusuns Prop.EOp j 84
84 1 81 '-FEaulpu. 10p„ I 82
1 10 I 8 IF &C En tor. Warrants! 8 ;
S9's! 5Bij Fledgeling lnvs_. J 59ij Ui*
! 1J, 2.4 49.8
3-6,2. 1 ili.B)
12.6,8^6.
2.11 9.411.6
150 F.P.
" •! F.P.
US-- 5.90 F.P..
*.10 F.P.
F.P.
^67 FJ». :
1 15 F.P.
F.P.
4b F.P.
oo>a ricagoung inve.. tv
l 60 | 39 l4«Gr , nw'hCablo*Cin.l 40 .....
, 163 1166 .*Haytors 21 H57 I .....
53 53 UiMnbiiDlnn Tin Rr. • S3 \
' U>| 5jsj -
53 53 (•{'Malaysian Tin 6p ...' 53
305 270 iNcwnwket tt981i5c 265 I
17is 14 (^Owners Abroad lOp 1712'. .
9 4 ij Rook Hldgs. ! 7i 3 '
S 70 68 {^Sheldon Jones.., ... 69
120 117 (Speyhawk.lOp 111? < ... .
5 Sir Vincrs Ip 1 3lj'.
4B i 47 York Mount 47 ,-1
1.8, B.6I 7.3
3.1 4.1; 9.S
- - 5.1
I 2 .41 7 X 7U
2.5 8.S 5.3
3^9' 11.7) 2.0
FIXED INTEREST STOCKS
gra,+ or
F.P. I -■
i- -
97.48 £25 . ; 26>2< 23 Calroo Nat Dee Auto. 16t Gtd. Ln. 2M8i 23 io
100 F.P. ; 26,-3 104 102 [Essex Water ID* Rod. Prt. I986._. |104
'* F.P. ! -- 89 86 (Habitat 9}% Conv. Uns. Ln. '98.2001,...' BS
,JL ;£-£•!■'• iiSZ. l S ao J cmor 5. E 4t 9pc.Conv UnsUn. SOD IrOG: 103
• 100 tF.P. ; -- .100 i 99U| Do. 151* Bd*.fl3/1 2/82) “
1100 F.P. ! 1895,19934! Oo. 16i,*a7fl;B3).
52 '£•£• ! '“ 12? ' ?? (Pennine Comm. 12pa^onv.Urw.Ln.i891 66
70 ,F.P. - ! 81 54 I Do. 1519 pe. Uni. 1086 80
100 :F.P. | - [lOtn'lOO [Teifot 12%Cnv. 1981 100
IF.P.I — ,106 |X14 iVinera 102 Cnv. Loan 1S8B„ —..1105
HOO F.P. !
89 |F.P. l
70 F.P. 1
100 :F.P. |
- IF.P. ;
“RIGHTS” OFFERS
Latest
Issue' I Renuno.
1981/2
High l Lew
F.p.si/ia
FJP.-29/12
Nil • -
Nil ; -
F.P., 23/12
Nil ! -
Nil j -
F.P. -
F.P.17/12
F.P. -
Nil -10/12
Nil ■ -
29.1: 8li'
29(1' 164 !
— BSpml
i 3pml
21/1! 163 ;
- ! 9pm|
- | Sap mi
21/1- 54 !
• 29 ■
28/l!U7pm:
- i 8pm:
7i;Abwood Mach. 7iip„.._ !
155 | Brown (M) .....
6opm;CSRA>i ;
ipm KE'Careoit Reel Ests.lOp
172 iGreat Portland Estates Mp.l
7pm:I.C.L—
32pm Kwik-Savo lOp
48 [Lonnons Grp.lOp. _...[
50 jStrong & Fisher..— I
26 ITeifoe 20p „!
lOSpmlT N T tS0c .„ -
2pmi Wearwail Sp
8 I
164 Ut
63pmi 1 1
2pm;
180 ;
7pm;
32pm.- 2
53 ! ....
61 | .. ..
109pm:
2pm;-i
Roiiiincfetfon toe mraolly lain day for doeOng free of ststnp duty, b Figures
bnod oil preapoetua estimeta. d Dividend rate paid or ptyabie on pan q(
capital: cover t»Md oo dividend on full capital, g AaaoB f d dfvWand and yteld.
h Aaountod dhridend end ykdd after scrip brave, m Interim tinea increased or
resumed, o Forecast dividend: cover baaed oo previous year’s comings.
F Dividend and yioid based on prospeetne or other official eetimau for 1881.
Q Gross. T Figures assumed, f Cover allows for. conversion of aharea not
now ranking for dividend or ranking only for restricted dividends. I Piscina
rulte *• Dniim unlaffB uji ■ m ■ j- u. h ah. *
pflca. p Ponca unless atharwisa Indlutod. 1 lasastf by tender. R Meradto
iioidora of ordinary aheroe as a *• rlghtn.” issued bjr way of capitahaation.
§5 Rolntiodueed. « isoued In connoctkn with reorganisation, marger or take-
over. || Introduction. Q Issued to former preference holders. ■ Allotment
lotion (or folly-paid). • Provisional or paray-pald allotment letters. * waft
warrants- tt Otallnge under apodal Rule. ■£> Unlisted Seouritkis Market.
U London Usong. t Effoctivu issue price after scrip. ■ t Issued ae a oau
compriokig 33 Ordinary nod £5 Loan 1888-88.
NEW HIGHS AND LOWS FOR 1981/2
me follow l no «*ootabore InttwsMre
information Serrtce «st*roav attsmeo new
Htehs and Lows for is«i-92.
NEW HIGHS (25)
• LEISURE <2> . •
AftellaT V A. ^ MTV H-y
• OVERSEAS TRADERS
Smt NorOrcre- Steel SteMm
BRITISH FUNDS t1>
^ 31,6 ,98 S*r. (II
BWW ** 0W ‘ BUtLWNGS ID
Allied Collofctt”***^^ s ° Ererard *
6mwh Tar ELEcrmcALsr^
Cable s. Wfretess Scholee dS. H J
f * rrarm ENGINEERING M)
Arrow A rrti (G. MJ
toteflNrWm Williams CW-J
• FOODS <D
Belam -
tMOUSTRSAtJI (7>
AsMey ImL IVlBI -London A LfvenrOtX
Assoc- Contra. A ' . -Petrocon
Fkmdlo SvltDiw
G.R-: (HMos.) '
Tonoeco
Otd.- Ceramic
NBW LOWS OS*
AMERICANS Cl)
BUILDINGS <T> --
Chemicals d> ■
^ >, rr£«CTltlCAtAmV^
FRANCE tfiZSy,
**”* a *? Q Z n . je'gas i’i - .
DMo Resources Saccei-'-t -i
""T 0 " j * :’
.'Etondsraiid
K/tdiowr - . Tbra fSodorefae
1 M BW \
Bonstead, RHM, Trident TV,
Woods] de. Black and Edgirigton,
Control Securities, Royal Bank er
Scotland, . Can dec ca. Tubes,
-FNTC, Lofs and P * O Deferred.
A put was done in Gold Fields of
South Africa, while doubles were
arranged, in Llncroft Kilgonr,
Royal Bank of Scotland and
Control Securities.
Shell Tran a port 64
-17. >
Cone. Gold ... 56 440 -30 -jc--
Bank pf Scot- : 52 . .'470
GUS "A" ...... 51 448^-rt, S'-
iliU/ \ * (t ;• m
i 1 VI il'l'MBrSiwO ♦ < iTv
HlOjm f 1 kl yAVi f,i t ij y^ii
^ 4 A Q*j h
P 1 }
Thedifference .
between knowing
Yourmati^ona
winning the bu^ness.
iiie nst belowis pinfely 8 R '
indicatioxi <Hptodiu± •.-*
; Oor Jonowiedgeofybnr;
You can get to know the
market through desk
research and advertisang.
Winning the busiaess means
getting to knowyour
customers, and their needs..
It’s ail the difference
between being in the
market . . .and being seen nz
the market-place.
summed up by a company
called ITF— Industrial and :
Trade Fairs limited*
some of the world’s : - . ;
•bestrette^ed shows*
your prospective cost mneas
rety on to make therr hnyigg "
' dedskms^. . _ v:
bflTFshowsintheUKaiBi
overseas, soig)lycc»ntaqt
T^adeFairs JAd 9 Radcfifte
BWr 2 BG.
?fcfett 33797 &» :
ITF SHOWS- MAjEOCETS^PRODU€^eO^ER£J>
£1131
Vu-
" ^m^ Satu^aiy ^amlary 16 1982
a$[^ih5^^
-. \* %.-•
- £-.. v?.
■ ^: ; t, i ■
: £ $?
I tc?
DU2S32U2.
TRUSTS
ukfXWTiti
*L
r «96i£H* •
■ SowftjrCo'xl
'ClUMiutuH:Fbna —pm— to)
'57.63, Prinecn St, Manchester. 0 U 4 %SttS
f ' - V
■i *- IS. Il ■
A - t '• i.
• - -i
* «zm-
• ,
Isy***?” * 5 * *»«t iM. 6i>
u ”‘ * p% 1HS ~ <aa#z S»
A ho ltarny *toff UMttfttte**. gjjjff”* gg Tst, Mtn. Lb £"
♦S.Cartfcia.lirtoflCCW^ - r ' \0W23fi31C g«f**W. K4N 8 BO. 01-248498*
.AwSSaSR^g*-^ a*, gtes^-rr^i TBtSHi
mm Hutto* u£ & & ■ -
*4 •' .
B u mmod
— JSW
*!•“£*«■» Tst. Mngrs. Ltd. {*)(«>
«MtMteO*v,E«<to>s«3 032-2264831
Ctw. Amt. Fd. uni «a ~0> p ■»
asas?a.=;:S s
gw. jj igcrra..— — gj *j" #2
Owttntton lftft Trust Must Ltd.
Mtfgr Ctvdm, Barnstaple. Dm 0271 76324
Total Pert. Unit TsLtZZ.7 24JJ 4 ?J»
DbcntiiMfr Unit Fond M aaigm
SUXHew Bam St. EC2M 1MU. 01638448S
Otte.tae.Jm.0 (238.4 2543! 4 SJ»
Omtoar Unit Tnat «— Uri. .
S^PBfl Mafl, UntavSWlSJM. 014902122
SBi&=BJ 2S3^a 18
E. F. tttactester Food Magt Ud.
Aodvuw IM Tnmtl Managua Ltd.
62. London Wall, £C2*7DQ . - ; 006381200
Andennt-tf.T, — -jRA. 73.0? _4 139
Ewtfr ft Ln Un. Tr. «L (a) to) <e)
.AasenlaaiRiL WghWyonbe. 049431377
U£Gwlk.T*.A<x_r54j? 58-3+011 4.«
UKvMS. T5L He mi
{"C- Tst. Acc.
lac.Ts.bK.
AmtocMr Uait Rfjpnt. Ca. Ltd.
LNoMaS^ECZVTM. 01-7264932
s i h 1 • ... '■
Astfteoy 'rynikr llstt tsfc Mgmt. Ltd.
W.Wdro** StaaBtobOTHP^ (04478827
sSwrsatL :ls ~i to
* 61 . .
• *Ufi.
Aitatfaaot Securities _Lt)L 0»Kc)
37, toeeoSl, Lw*»l «4« UV. 01436 5281
- -**vj .
Fidelity lete i iiaHmial H wamw t Ltd.
2(1 Ahchurdi Lane, London EC4N 7AL 2839921
A«r?S^ 3 sas. (ij; j?ljj J|j|
Jww Rain Unit Trust Stefft Ud.
10-14, Wed Nm Street, Giugow. 041-2041321
•i FHar bderaan — (H -8 ffl-fl —4 3-2
Pita on Janfl. Neat deef-io Jan
rramUmgtnn Unit MgL Ltd. (a)
64. London Wafl, ECZM SNQ. 01
Amer. & Gen... — __. 186.4 nZ-4
JSsajrrp Mi
(Accatn, Umtsd — f77j8 bS3 -(
01-6285181
Aid— IWt TsL Mgs. LULCaKc)
317, Htrfi ItaRionv WC1V 7HL (0-8316230
<^LUntaV-_~ So
Extra tncaim Tntd— 5L8
KSsSrr^
■draft Frpser Trust Mft Ltd.
28hAa»«crtrSuW.L (04933211
JML Rarer OLTsl |753 . 804 —.4 600
At ta rtfrt H — w t
Pwrpgefata^WandiMler 0614342332.
ArtcmtdJLW-J* SJpn* 10M _.. 4. 585
-* •“ ■■ i
•— — r
Barclays Udnra LtdJA)(e)(|l ..
Untas Ha.252r Ronfonl AL,I7. 01-5345544
mg^=-
Friedda Pm. Tnnt Managers (a)(t>Mc)
PMamEniOMInB. T*.. 885055
ESSES^IJIl J|=l M
Fands in Carat*
PiMcTragta^ Ktoffwar. WC2. 01-4054300
■BSgfexf W$$£
fi-T. Unft MBmgen Ud. *
16,Fanbary Ctraa, EC2M 70J. 01-6288131
■ -hh jsstsan
bin Bnlln. ti to. Ud.
umm
SdL&
fi. & & That <a) ( 9 )
5 ItayMilb B"* Brertmad
■ euT£!!L-< — -mi
fiartONre Fond Managi
2 St Wary Axe, £C3A OTP
(0277)227300
47JT+02I 531
<a)(g)
016236114
Londan, EC2H
it Cn.
01-5886290
asta
|5v Co.fec.TnSt
“"CS'dsJaiiC’-Jalt
issrjnissK!^^^
'MS fiowttUdw) '
Eumf. '■- frS 77UJmfcflWrtJ,ECT 01-588 56»
BBa an. a
Britawda fip. ef UdtTnnts Ltd. (zKcKg) * tat JeaHaa ja m
S!SH8BsAe i SBS , ar*" f “
fiMfdan Royal fit (Mt Mgn. Ltd_
Rani Extaage, EC3P3M <0-6288011
SStoSStTsL-WU J3k5\+0Ji *M
Hand— n AMrictmtlto (a> <b> (f>- .
LWK)
The Brttfsft Ufa Office LU l*>
Ihfiata ^We-TtatbritaTWlL KL toW i *# 1
03 «
m jai. 20 .
Ud: (a)(g)
PdV 8 jl 0444^04*
291-91 ..-4 692
si?
ra Hexagon Services Ltd. -
JS ?^T^ i Uml f «K»3EP 01-55iaW
■*54 £60 BrmrtnlnttCr.inc...i4L4 SUN — 4 436
a^mmKgjt.W BSSEB^ **•»
S5SSESRK"me^Tffi ft!S»SS
SoSemMtaJaa-14
Canada Life Unit Tnnt Itodfc
26^691, Fatten tor.
nttaaMW.— BK '
0 377231
me Unit Trest Mi — m Ud. (a)
OM JWW» EC2R8HB.
Cud (Adas)
lOUUBieadSt,
Capital
<a-s»6oio
1 4 44 ?
Sfflss*
jjSSSS^pdM
Carr. Sdao UritWtt
m i=js*
SSS8SS=| 5SS IrJ^
0- Kbv Fund Mwagm Ud. (*K|>
»8 I^“S*e=e»3BB , mW-
YlfWsS
d (4
Cnmi a
. .. notes
, un&t , 35*
RRElq
mtoT dfcas. j,
*.<•*
ill
FT UNIT TRUST INFORMATION SERVICE
'LAC (Idt Trust Managanat LML, .Save 46 Pmgar. firyop
It* Stock tananv. Lnodno e£2M 1 HA 5882S00 4, Ore* Sl iMens, Londaa EC3P 3EP
tSiSfSriidBS »3:y
UM fi fiendd ftlnit Trfn H— ji LhL gjSgj^Md £ 02 d «
~5 RxyMgti Ra„ BmttMOd 0277 ^1^ .iTlP -. mA *|
AMEV Life Assvmks Ltd.
2 - 6 . PrlRe of Itan M. Q'msuft.
& (
iwnhi OiiiahditftinH Ud. ■
4 SL Mary Axe, EG3AEBP. 01636114.
H=iH
Lloyds Bfc. Udt TsL Mrp- Ud. (a)
01.6231288
WSa==»
ig
lj ..-.4 8JJ7 in-m bteaat F
5D24 * 0 .
*0.
™4jK -0.'
SMI^
Growth & Sec. Life Ail Sac. Ud.
0202762122 48 LotaiFraitExdMge, El 6EU 01-3771016.
Bsffi=dai sidi = cassaa*— I ■'!« [™j =
PmamPd. J-n
KrtVSd Pe«. Fd- ?i?y 1183
fc&fl+g-fl 8-3? IJMer PWatert Fd 107J 113 Q
84484 afiMjdW »*
a A ^ _ Banfeys Ufe tew. Co. Ud.
M « pg --Hjiit ai
-OJj 0.79 mar Si
w arn Ftmb
'ad.1W.lne. ...1
<000
SSSj — 1
Europe —
Extra Incwtf^
Oo.fAmxn.J_
5 as +oj z
teu .... -
FlnWr Flaem
LandbaokSecs
LandbaabSo.
C.A&Svcr)
Guardian Royal Exchange
Rqid ExEfaaA96 E.C3-
- ] — Prapany Bands
■- 3 E aisasr
— 1 Do Aeon .
Eqnttjr iidtial
“25 — Ds. AewnL^
+"■¥ — Fixed lit initial
-0 >1 _ Oa. toaan. -
J — krtentaoeraf Initial
Da. teir i
Properly iMtlal
01*5345544 Do. term....
+(U| _ DrpKH Initial
+5j _ Do. Aeon.—
OX-2837101
299.61 .....4 -
lit T#dnloay„,
lit TeeJmslw
ff-teTi-aE
Wx ■ 13 1 Kg".?. MB «UI 226
0« | BBBErdSI M d IS
S t%«b f 179^ Ja3 2s pBei at January S3 TNb* 1 at, tor Jmwy 27.
Lloyd's UhlldtW. Mutt Ud. teggi Sac-Mas Ut
ts*. Mary Axe. EC3A88P. 016236114 sO 1 %
Acoxn.O P685 2824x4 —4 425 Si; POlS +o3 441
Local Authorities’ Mahal ta»L TsL* _ . Z ' _ . „ . M
.77, Lento MMl EC9U0B. 01*5882815 Schroder Unft Twt Mwgen LW-
.PrmrtiW.Oec.JXJ UUB J — J 6.77 4a.St.atam lane. WCL S"*?™
^SriSSTFundfe)"
Eft T ecfwdegyfi) i!
l«cnstion9l. -4
Ifaneped L
urflaVjd Z
GHl EOjPensJWx- 137.4
“ W^ASEzil
::.: i IS
Pmk. Nbnaoal Mtbl
te“ , :
fens. Fs«d K Ace.
P«ns. Iml Initial..
“Wu 3
S3 -H =
Pm. la'i. Acc. ...
Pm. Prop. Initial
Pens. Prop. Ace.
Pm. Dep«. Iidtial
Fra. bepes. Acc.
Btedt Horse Life Asl Co. Ltd.
71, LantadSt- EC3.
BbtX Hone Ifan. Fd.
Uanaoed lm. Fd.
isswFRTain ?W I zjijf ?
‘Unandarfsed. AaUddt aoh to Used Aodsntles.
M & G Graap («Ue)(z>
Thee Quays, Tower HU, EC3R6M._ 01626 45M
Fixed laere sTSL
CashFd._..^M
InarwoFi J
^n. Ua te)-
iSaJS
PAcona. Ufdtsl
rcm. ueyvi. MAh —
01-623138 Hasbro Life Assoruce United PJLC.
7 OSd Pm Lane, Londi
Fhwd ta. Dtp £
Equity-- -!:- i
01-4990031
GO* EubbT
Pen. Pray. Am -
Jute)— I —
Canada Life Atsmoee Co.
Pen. ManTCap P
Pen. Man. Acc P
liSfsjI
Fixed....
2-6, High Si. Potters Bar, Harts. P. Bar 5U22
aiitaffii -- 1 < ~
l:::;i -
Pen. Alan. Acc — .
taim&z
S iccum. Units ) —
OOKiora & Malay
2 Canada Life Assannct Co ef S. Britain Pen.
14 2-6 Hl9h SL Potter* B— .Herts. p - 8«r 53122 ge»-
3.14 2-6 Hlqh St, Potter* B
514 Manrsed Pen Fad. _
144 Prooerry Pen Fund.—
&=z
Pen. BS. Cep.
Pen. B.5. Acsc
Pen. OJLF. C*>
Pen.DJLF.Aec.
•RxcoiwryJer.S—
•Spec. Eil Jan. 5...
Ein. Except. Jan. 14|uu ±t
•For tax rant ft— Is
497M
+2.0
WM ismUTStr* f&MBsr -. :
Scottish AmkaWe ta. Mngr, Lid. ^S%Z1-
150 SLWocraSL, Glasgow 041-2218844
EouttyTim Actoxn--I1Q2£ Hilled 5i8
Property Acaxn_ —
Scottish EooRaMe Fantf Mgrs. Ud. iftd- &Haa 1
28 SL Andtws S 4 . Edbtergb 031-556 9101 f™!£“7=
8 g»R=dB ia :::.! H “SE
Dodtog day Wednesday. gdGft-ZZZlJ
2 ni Aiwrton '
'J**™'
%lsuaM6M mm W?A= KMinSS
foMRfcSwSSsy'SflONB. 01-9028876 ^^ FonC " —
3U trollL I £25.23 F>ooa — Hcndarson Admini
Hearts of Oak Benefit Society
129, Klngsway, London, WC2B6NF 01-4040393
®J F rfc--Ko jl?a =-J -
Henderson AdnlniatratiM
M Austin Friars,
High Income Fd.
Gut Edged Fund
CapltifSit«rth Fund
01-588 3622
ffcrttTAaieitai Fi
FarExstRxxl
Property Fund
dFund
Fmri-
Rtdnti.Prp.
HW Sam net Life Amur. Ltd.
MLA Twr., Addiscorabe ltd, Crey. 016864355
Security Fund [473
BrttthFta W79
fir
mm -
aeorosn woora- rnwn iwwyum .11 — j— -a— --
PJO. Bo* 902. EdManh EH 16 5BU 031655 6000 ^ ^^£2
Pe^Kot Ttl. Jaa. 15.(915 98.3J 4 — 2 ndM 9 d.P«s/Aci;_
SavTpns»cr_:
_ Clla CnLiAiV
CfeariforiEx.Jan.12
Pension Ex. Jan. llT.
1655 .._
jiyfl ....
ManoUfe MHugameat Ltd.
SL George's Way, Stereos ge. 04.
68 SlMCO Money Funds
468 66 , Canton Street. EC4N 6 AE
j! » ilS»¥»S|r.n
3 ll Si ““ 3 is^fe
E 01-2361425
z IdM
, m=tli jB *
2 nd Spp. fVns/Atr._.r
EBBS
SL George's Way. Stnecsge. 043856101 tAnrrlcan F;
GW&Fxd lnL_. @2.7 S|R+0.1| 5.W CSSTuSta
Growth llnte_.: fSLa &« ....1 463 Withdraws' l
Stewart Utdt TsL Managers Ltd. (a)
45, Charlotte Sit. EiMurgh. 031-226
tAmrrlcaD Fund.
Growth Units _.: {SL5 - I 463
Mayflower M anc^n art Co. Ud.
24-28, Grrsten St, EC2V 7AU. 01-6068099 -EixnpMfr Fund
sa»fc=» 0^8
Deal. fTwn. & Frt.
Trt:jiL4.E_::“WL4 ag
MeAmtty Ron! Management Ud.
Re«sH3eroKIngWSMSL,EC4. 01-1
Dririn Inc. TsL Acc... (S.4 VJl ....
Defend Inc. Tst fnc_. l&p. .2*3 . _
eEhnmdAa:
Gfen Fund Inc. — —p2J 7681 —
+0J international Ftmd
— — OoKarFwri-
z ^a e
— I J 1460 LiESiF^E— pj.5 <011 _E z
- J rro-l Cirrm! rate Jamary 14 JSS^sSfeiA
Cspltd Life Assonnca S^?S C
eis Ltd. (a) Cads*-Qn Hoose, Chapa’ Adi Wton. 0902 26511 Htyferteid Fund
031-226 3271 Key ImmL Fd [ 10625= I — -I - Money Strip *•
2JM Pac^fflakerlnv Fd. I I 1- MwwUta
m _ For Chanrrinuw Magna ree Mrfepfe HeaKh & Ufc FUKlnL Fund
CMeftate AswMCt Funds fS^?fS5?
2.86 llHrs-St/pri, EC2M47P. 01-2833933 Spec Sts Fixri
Menctted Growth — imji 19MH-AW — PWnfen Fund
MjTCCcd Irony- .-H3J», • Rf-Mjl— OJH — Propprty Acc.
Sim MBance Insvance Greng, !^SE^E !<Z, —
Sim AH lance Hse, Hantai. 0 « 3 M 3 «I SX^fe::
J.rj 193,6!
01 ■ v.«
f 'M.
J. 75 154.8*
17< 127 Ji
01-2833933 Spec Sits Find
hhJH — Pewata Fand Price*
-05H — Property Acc.
41 = sssss
Mercury Find Mangers Ltd.
30L Grerium SL.EC2P2EB. 016004555
fs«==se. mm 11
5W1B ure rN. lie MX bi. MT.UIIU ■
9-12 ChMpsbif, Uwfcju ?2c tMs of Wert iRturtv AfiBoraiee
FffeHvhid A 129.94 535 - jvoa C lla-_ IUd
I
r.r 1 ;
BS==
l£^.zzz::z
. —-.-W mat — i
Fixed hd. Acer — -f
•Pries * Jm
1 Prices at J»
Ashton HocFe. 493, £110X7 BcuferaH
MHton Kcyns, MK^2LA. «
West Prop Fund— J?-
Manaaed Fund 35.9 21#-
MMtand Bank fimp
Mt Trust Nwgtn Ud.
mc. mi l ■ ■ ■ w
Gff CTULIM —
Do. Are
dSaS^zz:
m —I 465 Target TsL Mngn. Lid. (a) («)
,1-Oj ■ --I AS 31, Graham St. EU. Dealing; I
'A- 1 ! 4 — CenmotBty ,_.165A TOS -
Fner^Z; CJ 4464 +
eSSa^ — qf< 1047 -
- mb 235.7 +
Hoad. Gfit lacaae — - SaQ S4I +
Tel: 0742 79842 Irye^traed Tr^ra — ... SEl g.1 .
Special sitmtoos.— gj <0J .
9sf ♦Oil *M AmerteniSmfe +
aS+tia <LH Ui.Sod.'3ondFd ._ . 222
!6.g*o3 3ja Mat«TS»a&S.T9pro- 35 ^3 ■
Bfi gslfezz : m JH :
i tadtohggbA. EtZ5 p Fl S’ 0 --B#o
Best dHta FA t &^;ez|P 5
Ltd. (a) («) BS^uS^zJB.
« s^erop..t<sr-^.
•A 2M7}+aw Sac Flirt L'rttFwri.. 2940
fl eiffl +04 12.91 cerrairir dosed 1
1 53* ,. 1 %13 Perform 0nHs-_._.—|98A
t3wsS£wM|l&fi =
Cfericxl Medical Managed Funds Ltd. fi^MtLJaaV.!
15, SL James's SdvSWlV 4LQ. 01-9305474
kjam.
'*<L2g — Guaranteed
5-0-4n — GtararieedCap
3-TL33I — EariryAer.
5 - J -
ta Ftariirt-Cap.
ri. IndexetLSecs. Acc
0408606101 Indexed Secs. Cap.
Intoerial Lift An. Ce. of Canada
Imperial Hwse.&dW«d. 71255
*! tp eag-Fftix-jiti . m ri =
1 1 ■==] =
....J 1940 Property Fieri-.-. — I11L1 U6.9J •! —
Fte PensisnTPrieS nlrac. |ta»
Series £) prices era Rr.-poBoet raid ^r
Series tlj These an Wi prices for carter
Do. A=c- — —®r2
npsd Padfic — 729
tt^rawtdmTJZ 4.3
Prateraose Stare —
parity— -
Itww and Cmwtii «
■Biraman
ee^zzK
Oweisgs GnwrthT j CiriW BcSfSeJSH
iid b
^rna inaj STW deafeB Jaamy 22.
01623 1^0
ggSBsSz-ISf. .53 J IS f 1
fesri.Jau.14
y.EcJwvM —
f. Ex.AccJjb. 14_
iwlH.y.Jsn.14-
fM Arc Jan. K—
Coamterdai (lulon Group
SL Helen’s, 1, Ondeiriiaft, EC3.
yn-Au-J^lS. 1 RIB
Do. Anfe. Jan.22__-fe493
“ Heed In Hand.’ Uiwsla
Cash 1107.0 1
Fired irferes* '
Property _...-..J23 j 1
Nat West UmtTmal- 11*5.1 ■*
For Tower Urit Trad ah
(MW IWlTiwt
01-2837500
Trades Unfed Unit Trust Manager*
Manager* Confederation Life (nscrance Co.
02-&23BD11 50, Chancrry Lane. WtHJi 1HE. 01-1
66JJ —4 5.09 gW^FurL-j OJ? 27|6I „...
pfeilncoiw
iota! Fund
King fi SfemsM PLC
SKtog & Sharon 01623 5433
Bond Fd. Exempt — |C75 l2D 7623*0271 —
Laoghaai Life Acswr. Co. Ud.
laariwm Hse, Hotmimak Ife, NW4 01-2035211
Harvest PqtRiwd — Q19.4 12L7T +08 —
Wisp (SP) Man F4 jET «3] -oa —
MLA Unit Trast MngmnL Ud.
OMtoNnSheetSWlAUG. _C
MLA (Mis 193.7
MLA (Ms J93.7 9M —4 385
Murray Johnstone U.T. Went CaJ
. ' Transetlantie and Cm. Sees. «) (y)
TnjWLBiTT 91-99, hew London Itt, Chehastaid. 024561651
01-2a-Bi7? B.JJ— Iro. 1J MC X TDIM I ATS
BBftedtf *M5i a «*»•“
Oaaflng Dry Frktoy-
Mutual unit Trast Ma — g err (B>(g>
Bjnmipz.
-y«Krt.&wthJ
tel*
vroin^l
feTSia
628 Group Ihk Pen. — [g|.a
622 Fixes UcPwl ^25 .
1 na<
3J4 Cash Pension 1 1040
Z E?*5» lnMW
DO. ACSUM.-
~ FtandliBal
De.Acnm-
— LidLJaMW
CnnddH insurance Co. Ltd.
R,Can*MLEXj.
aSfl#b2;oP ,u «
01-626 5410
Mutual HWiYtf-Z-Ptt Bit +63 9-fe
Natfeta Provident bur. Maps. Ltd. ( * xlm
£.ft?{?“ , ?5^^«4 3HH '6»ja Cll jj 3 ^ TyrMaf Manpers Ud.CaJCfcMe)
Jl ' Is A gKVTUSf
r=; r/atv ml ni. vw* A^rwr ■^a ^
aRtefcTwnd =
Credit fi Commerce Insurance
120, Regent Sl, London W1R5FE. 01-4397081
|S -•"-•I z
Is Crown Ufe
— Exempt &dy. laK—
Do. Actum.
163. CheepsMe, EC2V6EU.
016066060 ftawn. IHritsl—
S5SuteHl’.,WokU*lOUaJXW 048625033. v^taSU EMH 4^" "^2^78
pw.Fd.j-cm 5094 U2a+a«MM yhtTZj -
income———
Maog'd. fri. Ixan
Property Fd. A=-
P rape n yW. •»(-
SB sir -
ass-
SSSI’&'Sf
wr
Ft Irtt-
isrfiLFd'ta.
ln.TsLFd.iniL
'w. Tr,. Fd. incm
450 Life tear. C*. of P i ur n syfe n nia
Z 8, Mew Bd., Chatham, Kent.' Mtdw
Iw.W
issrfes-
.ui-rwoi Aenaa-Urits
NEL Trast Managers Ltd. Cal lpj ?S?-Ji5ir^rcSh
mum Court. Ooridng, Surrey. _ 0306 8877 «> IdaWaBCsg^wth
^SmaftziK ^
Hetetar t^CTT«tkxS1^7£l S3 -4 2-^
SSSSh KB bk
{£SKS&“z.-;IMI - . . i4»
Norwich Union tame- •*-*» ^ - iZ-J »»
PJJ.Bo*4,f*ora« r NR13ltG. . .. ytmtiorooA-Cah Osmtt FMl
a "> R T < — m * ”£2* sa T» Unit 1Mb (H (.1 <I)
Purl Tfltft ItoSlflWf *w« ilnflHO M ^ ^I.n. Uc* R — feww «» Hants. 5PI0 IPG, DBS
ffiZ, High Htriboro, WtlV 7EB. ^ ^,01rf«35BMl ^^jfflToei«?»43§3^3 l g«
+0 —
530
725 VACOP UnBs (1060 .13-131 .—4 —
jean Uajti Life Assurance
_ 20, Cfetton St, EC2A AHX 01-920 0202
IMi GwtA. £n-6 ■ —iS-fflR -
■fSi 425
U08
Pdfean Units tenfe- Ud. CfilW ® W ES
5763, Princess St, Uanriwiter. 061-2365685 JJ; <91 5?H +S3 L37 Pens, ftteney Acc-
PeltatUnlts — P337 1C.7J +0.9J 473 TSB5cnttferi-I IfflA +jjjj Pens. Money UriL..
Fer getn ai Uni* Trust Mngrat. (a) ****** A ^ Cresader Insurance I
48, ffen St, Henley caTfemes ^ D49I2MM r-i Tower Hse,3B7ricritjrSa, 1
Ms.st.Ku -M^wSSaa*
MiTrotkoMiiwim Btase
S?-? ^ :Zi IS JtegbHw,T^Wiai a m^,EC4R9^0162349a E^rie/Mri. Units 7L2
Acaxn. Unas I 1 * *'.* 4 c-u— u<ro n«H Ml_5 6Ubri ..-.J 4.90 * « « , ,
Pens. Mark'd. IniL—
Pons. Efeiifr Acc
Pwn. Fxri. iro. Ind.
Puts. Money Acc-
Pen. Money Ind...
Do. Aaarn. 1
= mm
= 2fe !
023235231
4461+012! 535
Cresader Insurance PLC
Tower Hse,3B Trinity So, EC3N40J 480232
Acaxn. Units P17.1 337-
FnwfeeW Llfe_lmr. Co. UtL
55 n g^ugu, cJZ- 01-247 6533 owvwwownweMwmwrai
WkM MilNSURANCI
PnufL PurtfeRo Mngrv Uri. (a) ft) fe> DDflDPPTY
Hofearo Bars, 2NH y-eq^i^sm rlUfrExKl *
e*sfe=d«r satajs bonds
war Msnagement Co. Ltd. _ DUSlMQ
31 - 45 Cresbam Stieet^Z Ahhqr Lift AsserasCt Co. U
OuadrMGeo- Fd- — If 3 WSi Pan's Churchyard. EC4.
assfsc® a sasas---:® 2 K
Asvbt.
01-5881212
73 B| *03! 6-»
Friars rise. Fund J4L5
mrbk=bs<
>50 «—B— — II I . I II w I
i INSURANCE
£«dtr fi Law Life Ass. Sec. LW -
Anershaxi Road. High Wycmafee. 040433377
ffiSSfeJ&to-EB'? 3Sr3tM Z
SEES
BONDS
Property Fd.. 1853
Fixed Interest Fd — m.7
SS£^"Jj
WxadFond 153.1
*5 =
luMStnoqt Bank of Ifetad (a)
5SSRS«ry,.-PJi6 11/^
asunsatjiia.;
nsb« I
SefcftmfeTjL foe. -^K7-0 50.
BMlrfkM M«jwrat LW-
<n ^ 0 ‘?77 Abbey Ufe Assurance Co. Ltd.
IfS fijt l-3SLParfiChurdijHrd.EC4. C
J II It
01*2489111 IcxLPea.
( ..—J — Ind. Pw.
089222271
SESuTSST ,.««■
!SSS&otz=:K7 iS
■asatri
ySer4 fi
y?W.4
fflnsxx
Amenta H A’decsi & Ntfm. MIL Assur. WL
L&pSiffifrZSb Jg3 - 129 Klngsnzy, London, WC2B6NF, 01-404(093
bSS’-lSSlaL" o’; 9 Bu i - 'to***** 1*1 ** ■ -J “
W.Pw.Qwh^e^: 1516. jSI - London tndenunty fi GnL Ins. Co^LM
ad.Pen.teh_-._ 2 g 3 Uli .... - ibJA T in Fprihay, Rearing 5B3SU.
!S 1 srte“S:§ tt3S =
income Jan I
imeratfeal
WHJW **—
SLSiSar.MI.JCTlU*
American Fund.BwriJ
etsssafe:
atkxai Bwri-.-f
FuadBood — V
i ed Bond-,-- _t
+o.« -
+0J —
Schroder Ufe Group
Ent e rprise Hrae, P wto oo u th-
EmRv. ■■■;■„ ... Bn?
Fixed IBL fiSI
0705427731
-
Dwrseas L
^rtesrz'z
KaSGMtSecs.__..
Income Dntrw-
Income Aara
&r==
America (Cap.)
DMfiasmJj — — .
teT^nea.) JIZZ
^t dhjtere ^'(Cag.Y
See-
American-
Gm^FM.'
mm
Eqwty^dtonCap. X
EqoltyPetsri»Aa--r
Mim. Pen. Cai L
Itea Pm. Acc Y
Flm-Pw-Cap. f
F. iCL Pen. .1
Money Pen. top (
jMbschSftect'Bton^"*
^«eta»cRd,^Btonr . Pe^
G.T. Miimnrr 11 I Ltd.
16, FlrSwvCJ^ London, EC2M 70J.
01623 B131
KBes-
PraioaMragC--
Pensicn Seopity E
Pension FfetedhsL—f
rr» m —
Kan —.4 -
S Ph«
Han I
GT Wn il Am ■ 1 N -
E7 Pin UKfiG.E. Fndl
GT Ptn Wriitae Fod.1
^w?Hderait-ZrZ
Wzzrzz
Mixed.-
W=l =
Albany Ufe Assnrance Co. Utf.
Man urn
016238000
1273 -gOJlM
■ — wqmr un
Rewas Udt TVarf MngL* W 31 , 0 ftiBw«» 9 wSuwl-
Ctty Gau Hse, FfeshuySo, ECi^ JOMbmb G^FLAto.
America J» If -
Saorltles Jan. 12
*t.m — k. u . ™a ;ja 5E5
l3;d «
.Acc. —
J&E
1 — J — GTPenKigfiYldFd
GTPenFsrEaaFd
gj, GT Pen H. Am. F
aMJ7HKffS»^L
- Assicvateti GENERALI &M-
U7, FoncferehSL, EC3U 5DY 01 -« 88 D733 _■
inti. Managed Bond_[l3(14 137-31 - 4 — Bnu,™ , =f=
_ , EMLme.Tm.Fd I 357
Genera! Portfolio Ufe Ins. C. Ltd. ___ pSMeFm^
CrtSSfcroolc St , OwdiunL Herts. WaftiamX 31972 | W . Trast Fund
Kffi&fe-I HJi |:H= asSSS
Pcmoftj Fd. Cap. Z"
PorttcftoMaTSc-. n?
Partfotw Man. ifeL-lsOjl
ih. irw
= EffOK
Rtomifactraen Ufe Irnmnce Co.
Sl Georoe’i Way, StcettOM. 04»56101
ttamted- .n«3 -
" 12 .
Oder prices on rttat
Medway 812348
.11231 ..-4 -
inrataeot
Intenstiorai— 1
as
1t£Rs=i
B lnlL j
SSocd
axm.._-
h 7“f
Scottish AmfcaWe Inv^ments.
p.a Box 25k Craigtarth, SlMlno. SW
gSEE# S3E
Property E5?J) JE-S \
SentRsb WHr* 1 Awrance Ssdety
041^486321
- rebsscW ta=j =
fcftiMSSd 33 S 5 I:dz
Merchant hmstors Assnraan
Lam Home. 233 H«i St, Croydon 016869171
GSRnsUSSmivrauw
KS-jS’I-
lei. C;
Mixed
&&S!Sm=
Managed Pern.
InttTipdty
Do. Pern. — . —
Ind. Managed
terSrSneneafTZ - —
&g?Z=_ 98.D +Q.5I — . .
Do Pros. W 7 +aa — Sftandtai Life Assurance Cs. LW.
Irtnl. Cwrency 113.6 +03 — U' -U6 Fleet St, Lomton EC4 2DT 02-353 8511
EtEsEz := — m 13 z
Multiple Health and LHte Amor. Co. Ltd. gSWk Acq~Z 10Z3 3f.« -O -
ggtarra^om., Bronti Cram, 8^^ fStSfiST- M fi =
=» -
hU =
London Ufe UnM teur. L«-
10 ft TempeSL, Bristol, BSJ6EA. 0272479179
Chrttae- Energy B8.4
Magra BkL Sot 075J
M^ni Managed (1749
NEL P tM h W Ltd.
MtotCoort OorttoB. Start?.
Heiex Eh. Cap ffiL7-|
Heta Eo. Acorn. 1R3.5
HetexMSnerCxe Wf
Nriex Man. Acc. M.fl
rietex Gth In; Cap — Ml
Meter Gth Inc Ace — ».4
Nri Mat F4 Cap. — 52J
HelMaI.fd.Act.— Sl
Netex Deposit Cap — EL&
tatet Deposit Acc..... 713
Nalrs IilFweLIdL Cay 551
— Perc. Equity, Acc.
13tS +0JI
For Pita ot other WB and Banmtoad
amis Rue ptae Pimm Dl-353 8511
0306*7766
Standard Ufe Assurant* Ct«W M
3 Gearge St, EdMxargh EH2 2XZ. 031-2257971.
Managed f
Property 1
!Sind«i^ra^V
taUndex'-LSe&Accp
day Jan. 25.
Irdernallon?'
Fixed lidcrast
Cash -
Pjrtsloo Maiwged — .
PCrisft M Property
FeskHI Empty.
Pension imL ,
Pewteo Fxd. Ini
Pension Cash
mz
NPl Pontons Mamgeotnl UA ^
as Groccdaxxh GL, EC3P3HH. 016234200 AUtance fnsannee Group
HOT TSS‘is:3?^,«^a5 J _ g***™ »—."»:**»• -
New tefend Ins. fie. (AIR) Ltd. n „ .
Martland Home. EouBamd SSI 2JS 070262955 Prwri < FW»I
Awcricm.— — . -0.^
p| 3
m
Norwich Union fcssnoce Srenp
PO Box 4, Norwich NR13HG- «
inte.Txnlcnfl Fd
Dews*; Fnnd_
KaaagKi
Iri. EamS .'an. 17„
SAFMFiLlnL Jml3
SAPL Fly. Jan 13
9m Ufe of Canada (UK) Ltd-
r£«.C*topurSl,SWlV5BH 01-930 5400
miis
MngcdfiM^
Equity Fund. J
Property Fund-
Depbtif Find—
<p Maple L>. E/tn.
0603 22200 Maple U Kangd. —
Sitffc Lf. E*y.
Peratl PpTfb
+LU — FVtts. Kr\, (>p
+3.U - Pens. Mon. Acc. _—
msl id5( —
FSdTrrtoSv!^ r p^P
Sen Ufe Utdt Assurance Ltd.
207, C fenpMft London, EC2V6DU- 0272294524
Menaced Cap — EZZ-& 1E 2 + M
MaroeedAcc. B073 —
Property Cap ^.9 iftfl .—4 —
rroaertyAcc 573.4 +M —
Ltri. rnternarkmol Cap.—
SSBSSS:;
m
AmeriranAcs.. L_.
For Eastrrr: Cap., P$31
Far Eastern ACC-....-.BSL8
Distribution. (W.5
R^wUidwd Secs.*- ?rjS — F^Ji^eaCra.Z
**’■ — =BS eTLw! 3 - - gS’SS^r: _
Nor. Units Dec 15 — I J 4 — 035.9
KHwhwS&nfwCW7EB? aBrim 'inSsaM&.
Rgte==n u=|e
&nb=HB . = ts BEl«“-
»JSSr..iSSS7'WS- r.xw.,1
Phoenix Assurance Co. Ud.
S-SIOngWHiUniSL, EC4P4HR. 016269876 SSSS^SS. - ::
9gt&c==W ffl:d=
Ffencer Mafami Insnmicc Co- Lfri. Fm -^wvtep —
*6, Crosby Rd,N.Waterioe,L'poal 051^*286655
Planter Mtl. Md. Fd499.4 1056] . -4 - pS£ g iSSwt Act
Filmed Savings Croup PecLCmhCag.
Son Ufa fe u claaa fe wy mri Lid.
e*aas3R B,,i »
Rrm. Managed <*cL..U52J 1602
Pens Property Cap... BJ2.J J«.Z
PraiSSS/S^Zhtil
— 68, East Street. Horsham
la FhwdlnUrevL — W
4th Managed. -.(9
Oo.Dfxd.lisL W
nurSJt
Pari. Cadi Lag. GIR5
0X0350255 Pens. Ca* Acc. llg-|
jiw — Pen*, inti*. Cap 12Z7-5
rlis — Pra inW-Act- — ..[B45
. 91 S — Pens. Ac*?rtran Cap.. IWj_
2fffl — Penr /qcericenACL.pW.O
.zl — E*** t*' ?
1 Fens. Far EstnLAsc. J1733
m :h
lSJ e-LO
173.4 *1.2
TarpeS Uii Asfnrance Co. Ltd.
SS c “ eto "
— Premlwra Ufe Assurance Co. LbL
Eaachester Hse.. Haj
Heath.0444 58723
107.0-1.0 —
Man.Fwtilnc.
kan. Fobs Can-
Man. Fund uec
Man. F4. Wt
Pn». Fiiiri'nc.
Frep.Fd.^ap
Data Maopd. Fd.
Deposit
Gilt-
Natural Rewwces^—
Frop. Fd. ^ap.
Pros. FsL /Vii.
Preo. Ftl IML
FrooFUf-
Fixed InL rfi. Inc,
Fixed 'nL Fd. Cap
Fixed !rt. Fd.net.
Prod lot Fl InL
mm ~ sSSSSS;
Prog. Eqnfty fi Life Ass. fie. top. Fi. not (**c^
42 Knomfedttc^ Ucdoi EC5A7AY 01-621 1124 Dej;.
H. Sift Prop. Bond— ( 2S5.7 f .... 4 - -j fc M &' (i% °
Property fimrtlt Assw. Co. Lto. L'X 9'! Ax. -35?- 4
Lew Hnuse, Croydon CR91LU. P1680Q606
Property Fund.-- —
sssssajSir
rSSStSmFwS 0 -
EESSZpSrw
Fund (A) Z—
P16800606 IMC Br.'rtyPl 'art
. .. . — inL garni? Fu. .ix..
m z
m :;:■ z
Ret. Ptw ton. Pen...
Kan. tor. Fd. >*£c—
liar.. Pctv Fo Lap
Gilt Per. Fd. Ar£...
etd
GIP Fen Fd. Cap —
Prop. Pw.Fd.Acc.
Pr». Pm rii. Cao-
CWr. Pen. Cfl.fljc.
<ava . rts- FXCap.
W&2&X
Sw^FranrFlmd .
OrMtadr Harit Fund
Yen find
RrfiwAB^i-
Imnied. Amrty —
1 nteroalkxtrf Fd
sr»W»?i!S
m ~
Inv. Fd. Uts.-
PenSKJB fit UtL—
Corrv. Pern. Fd.
_ Transratereatisfla) Ufe Ira. Co. Ltd.
— 55-57 Kteh Norooro, wr.'.VbOU.
Cw.Pro-Cu.UL — I
Man. PratFrf
■*■ Gent 2 Nun. W J2J J.
Man. Pens. Cap. UL-
Prap. Pens, ft.; J
Prop, |
m - asaasafs.T'igs m::
SI M SB:::
EwKy Pens. Fd. Cap- ■‘■Ofl - Man.Per-Fd.Aec.— tatl Z283| ..
aoU^MgeRta^mRBraf &aC ’ U*7499lil ^ tAtsWX Co. Ltd
SgaSS:.--® J!8::::jr
Scries 7. 7'scas. Fd. -jmj
Tnl® Inves'-Fd. 2»5
7ii'q Crf. W.o
Msi-T Vi -rw. ft InL 12B.8
MMwJJmr. Fd. te. . J&S.1
kIpTpSt.. F-t. cap. gi2
Man. Per- Fd. .Act — [374
z S 3 81 --- =
z SSSciAi-.gl Hi: =
London Road, Gbucester.
Managed
GW. MW.
Property..
American-
H-!f' SfflfflV Fund
Fled. InL Acc. SJA 630
Piovinrrti Life Asanrance Co. Ltd.
jBS^jMBPjtatA K2 ^
mperty Farrt S5«4
01-2^76333
+04 —
— Mnne
— Intenudonal
— Fik,*< ■_—...
— Growth Cap.
— Giontii4cr.
— Pens. Endtf Acc.
— Pct;. Mngrf. acs.
91U. Pens. Gill Edged Act.
fMrJjf'l Dcp Lx.
u«> Pena. Pt«. Aec-
u ’ 53 Tn In. $*cJ.
— MV Fin!
i'a
Tvmtofl Asrarance/PcafeindKbMc)
10 , Vwinge Road. Bnsiol 0Z72 732241
Fa.TnLFwd._ 1177 123'
aawsafcte ifo
For Gptel Utti and Otter Prices nm
Prudential PeestoM tisoN
'HoRmth Bars, EC1N 2NH.
BMttefc: M 1
S _ 3-ttav 1
- Do. Pros. ;
z ifcizzzz:
_ Provtrtv-
_ OrencK Inv.
65?? UK In '.
Bermsh—
m-aneam Map. Fen. 3-W
01*405 9222 ErpRn, Pe?
j — BOtKl^ttL — — .
— Prop. ■*«>...: 1
— Pep-Pen. :
- 06! 23694X2 Va-feBgft Ufe tewwee
— lUSOrforo SL, Maachettr 061-2369432 ujn. muiroi
Loadsn & Mtoctoter Abut. fip.
WLondon A Mandratar Asar. Ga. UdjdddMWMi 5
Can. Growth Find — i 29JJ -Q-7I —
Rae==«i si d-
RtHinro MUM
TrtrldBe Wefts, Kent 0B92222
p^d%-5srf4- MHA-
Pta ftbraita!}. 1025 107 1 . ...J _
ManaBrird pfft 1027] -01] -
IfeUwMd Asset MMH 0 MWiti
SLSwUdnsLsne. London EC4 0162643
H ' C ' Pr ^li£“inl2d\ihrsh *4^
tojfe! Insoranct Croop
New Hail Place. UvepooL (61*227 M
Royal Shield Fd J209JI 22L2J ....J -
Save fi Prosper Group
4,GLSLHrfm\ Lada. EC3P3EP. 01-55488
ms-Bz
“ , 4I63MidfloxSL,Ldr.WlR9LA.
:::U 1
0892 22271 Fixed InL Fd M2 19f
T^j Z ^S'ftZZZZZpl V*
01-4994923
—
+oj Z
= BKS^=z
76 202.71 -oil — ifeobruph Pmstons Limited
MW UB M lg A5^MaM«S!,l*LjlQB9L« 016994923
wEC4. 016264356 -Igl m« .... -
IIUUvL 1 ' EfefiH=® i ::::: =
roop inS? Lx'Aed Gift — W3 Ts3 Z
ML (61-2Z74G22 Guarantrad 1475 Z Z
091) m a . 1 _ ^
row, w * Wtffert Utstnitce Co. Ud.
EC3P3EP. 01-554 8899 ,092-52155
Deposit Fd.7 „„
Man. Pens. Fd
ERtiftyPens.Fd .— -
— p»di3to«K:zi m < m -
— 'Addition ta prise rifeie rodwed mmasemenl riurgu
— room
EjAtrArafiJ. .......
PropJtmJd*—
GlRtons.FlJ
Oepos.Pera.Fdt.-..
•Pnin 1
::.i -
+0.7T -
Wlttdwr Life Anur. Co. Ltd.
ftp ’ %?, SL ' f*iu
a&ri»
fie-- *ni. Growth. ..1208 1 »S- 0 a ~
J =
This company was formed to enable investors to obtain a managed
deposit service in the currency of their choice and to provide a high rale
of return in the currency chosen compared with a convention cl bank
deposit. The company also enables investors to switch quickly from one
currency to another. Assets of the company now total US$217 million.
The price of each of the ten separate currency funds comprising Old
Court interactional Reserves Limited at the close of business on 13th
January, 1SS2 is set out below. Also shown is the current rate of return in
each currency and the % change (in sterling terms, reflecting boih the
increase in share price and currency fluctuations) over the pest year.—'
Canadian dollar
US dollar
Singapore dollar
Swiss franc
Italian lira
D.eutschemaik
Dutch guilder
French sane
Pound Sterling
Belgian franc
C$30,840
USS24.7I5
SS57.243
SF:43.4S0
Lit27,243
DM45.885
DF145.S65
FF122.76G
£12.105
BFi721.0D0
N M Rothschild & So as Ltd Old Court International Reserves Ltd
New Court St Julian' s Court
St S within' s Lane St Peter Port
lU crd o* 1 EC4P 4DU Guernsey Cl
01 626 4356 0481 26741
This ndveitanwart does not represent an invitation to subscribe for or
purchase snares of Oid Court International Reserves United Shares may
only he acquired as the basis of c current prospectus end application foray
which are available from either the Company or H M Rothschild & Sons
Limited.
NOTES
Unless otherwise (reheated, prices and net dividends are in pence am
dmomtaatiOK are 25p. Eoimated price/eamtogs rati* and cavers are
based no fates <mei reports and accoues aod, where possSrie, are
updated on laM-jeariy Agrees. P/Es are r a l-reta t e d on “wef*
dtatrSadton basis, earmngs per store being computed no profit after
fanirtno and unrefined ACT where apphaftfe; bracketed figures
inflate 10 per cent or wore differenc e If catadatrd on *W
(fistrfeution. Covers are based no "maximun" (fc tri b uil cn . das
c om per es gross dividend costs to profit after taxation, extiuhog
exceptional praft&Aosses bit! [nducRra estimated extant of effeettabfe
ACT. Yiekfc are based on middle prices, are gross; adjemedta ACT of
X per cent and allow for vatae of deefend dbtrifaattaa and ri^as.
* •'ftp" Stnefc.
* Hlgis and Lows marked tins hne been adjusted to aBow for ri£fe
issues for cash.
T Inula since Increased or resumed.
i interim shoe reduced, pissed or deferred.
tt Taxrbee to oon-resUnts on application.
4 Figrees or ivpart awaHtd.
* USM; net listed on Sloe*: Exchange and company mg cfafr fle dtB
same degree of regtiation as fisted seonitks-
ft Dealt in imder Rule 263f2Kafc not fused on any Stack Exchange
and not subject to any Ustiwg rerpdroments.
« Dealt in imder Ride 1A3P).
A Price at time of suspension.
f Imitated dmidreri after p e refl ng scrip and/or rigid* issue: cover
relates to pnvtas dhridend or forecast.
* Merger bid or reorganisation in progress.
* Not comparable.
4 Same interim: reduced final and/or reduced e ar n ing, indicated.
f Forecast d bUe nd ; cover on earnings updated by latest Merlin
statement.
f Cover allows for conversion of shares not now ranking for dividends
or ranking only far restricted dhrideol
jt Cover does na allow far shares which may also rook for dhridend at
a future (fete. No PJE ratio usually provided,
fl No par value.
ft 'fim based on assumption Treesory Bin Rate stays unchanged until
■wtturHy of stock, tt Ito ai ta bte onfe to UK pemioa scheme end
Imran! compute engaged In pension twines, a Tbs free,
b Figures based on projects or other official estimate, e Cents,
d Dhridend rate paid or payable on part of capital: cover based on
dividend on fell capital, e Reri^nption yield, f Fiat yiehL f Assumed
dhddend and ytetd. bAatreoed dhrtfeod and yield after scrip bsw.
f Payment hoot capital semes, k Kenya, to Interm higher dan
previous (otaL a Rights issue pending, q Earnings based on prefisataary
fanes. ( Dlwfead and yield exclude a special payment, t Indicated
dhddend: cower relates to previous dhridend, P/E ratio based on latest
annual earnings, u Forecast dividend: caver based on previses year's
earnings, v Tax free up to 30p In the £. y Dividend and yield based on
merger terms, a OMdnd and yfeM fnctafc a special payment: Cover
does net apply to special payment. A Net dhridend and yfeM.
B Pre f erenc e dividend passed or deferred. C Canadian. E MMonan
t e nder price. F OMdtnd and yield based on prospectus or other official
estimates for 1981-82. B Assented dhridend and yield after pemfing
scrip andfor rights bam. H Dividend and yield based on prospectus or
other official estimates for 1982. K Figaros based on prospects or
other official estimates for 1981-82. M Dhridend and yMd based On
ebs or other official estimates far 1985. N Dividend and yield
on prospectus or other official estimates for 1931. p Figures
based do prospectus or other official estimates far 1982. 8 Gross.
T FlgwK assumed. Z Dividend total to date.
Abbreviations: id ex dividend; e ex scrip Issue; w ex riflas; n ex
all; dl ex capital distribution.
“Recent Issues” and “Rights” Page
TBs senta » MMtaWe to ewtg egmptoflf *« to oa Swk
Exchanges t b ro u ghpwt the Untt ed Kh^don f O f a let pf £600
per aonaH ft> noi socmhjt
26
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3
CITY OFFICES
Hajaptoa & Sons
01-2367831
Saturday January 16 1982
the active lenders
TCBLtcL, Century Po u.ie.Bri ch ran EN1 3FX.
Telephone: 0273- 235 1L
BY JOHN MOORE
AN EPISODE of - Dallas.” ihe
television oil opera, is dull when
set against the wheeling and
dealing of ihree men this week
over r'he future of a major
entertainments group. Associ-
ated Communications Corpora-
tion.
Up front and centre was Lord
J-ew trade. the 75-yea r-uld
cisac putting former Charleston
danwr who built up the group
and established a personal
fierdom. A buccaneer and a
super salesman, who bought lhc
British public "The Muppets"
and :* Crossroads " to (heir tele-
vision screens, he was on the
run for a rare occasion.
"I have one week's holiday
a year. I don't really need any
more. When I've made a sale.
that's like a holiday." he once
said. His most unusual sal?
vras accomplished this week
Robert Holmes a'Cuuri and
Gerald Ron son
when he agreed to sell his
crucial voting stake in his
•troubled empire to Mr Robert
Holmes a'Coun. the Australian
entrepreneur.
Yesterday it as business as
■usual for Lord Grade as he
made one of his customary 5.30
a.rn. starts at ihe ACC offices.
On past form his day would
continue into the evening after
w TV supper phoning “people
"when they are quiet and
happy. I don't believe in writing
letters." Yesterday was differ-
ent as this time "nc was taking
a bad; seat ti< Mr Holmes
a ‘Court, who stepped into Lord
Grade's shoes for the first time
as chairman of the group.
air Holmes a'Cnurl is in
marked contrast to Lord Grade.
More than 30 years Lord
Grade’s junior, tall, with an
aristocratic -hearing and ruling
class tastes in borses. paintincs
and smart cars he took a meet-
ing of ACC shareholders yester-
day with calm authority. '
*‘To wait around hoping that
something which is for sale now
will become available later can
he very dangerous.'' He acts
quickly and is an aggressive
stockmarkei operator. This
week 'he Dii.'-hcd ACC to con-
clude the deal as quickly as pos-
sible and got his own way. He
impressed many institutional
shareholders by the way he en-
gineered control of ACC
although i hey arc openly dis-
gruntled about the terms he
offered.
Enter Mr Gerald Ronson. 42,
the head r, f Heron Corporation
who has attempted in top the
bid by Mr HoIm?<j a Court. Like
Lord Grade Mr Ronson is a
workaholic who built up his
father’s small ftroperiy company
into a multi-mil I kin Pound busi-
ness. one of Britain's largest
private companies. His -alary in
the last accounis was £2Q7.i'0n.
and os one admirer said "he
does not joke about money.”
Like Holmes a Court he enjoys
all the tangible benefits of suc-
cess including a £3. 5m luxury
yacht bearing his wife'.- name.
Gail.
“ My ego motivates me." he
said years ago. " I felt I had
to be a .success to justify my
father's belief that I had the
drive and ability lo build a suc-
cessful business.”
He regards Heron, which has
interests in properly, trading,
insurance and natural resources,
as an extension or himself.
He wants ACC to stay British
and arsucs that behind the mas-
sive film losses, which were
largely due to Lord Grade's
ambitions to become another
Sam Goldwyn. there are good
businesses.
His offer was snubbed yester-
day by the new- management
under the control of Mr Holmes
□'Court. hut lie was still con-
sidering whether be would he
able to alter the course of
events at ACC.
As for Lord Grade Mr Holmes
a'Courf. has said that he "will
continue to work full lime at
full capacity in all film lelc-
vision and other related areas
of Lhe company.”
But it remains lo be seen
how the relationship be r ween
the two nten will work oul For
ihe moment the spectacle 'if
warring tycoons has produced
excitement in the City that it
has not seen for many a year.
©land, c
BY CHRISTOPHER BOB1N5KI IN WARSAW
THE POLISH military authori-
ties have banned the import of
capital equipment for a number
of major -steel, engineering ami
car plants in a bid to eke our
v.-hoi is left of Poland's liny
foreign exchange reserves.
The announcement came in
ihe form of a list published this
week by niie new Government
newspaper. The Republic, of 24
new projects and existing plants
which have iheen -deprived of the
right to import capital goods,
presumably front 'both the West
and Comecon countries.
The newspaper said chat any
import licences issued since
December 31 for projects nn the
new list 'had been revoked. The
Government -order did not
clarify whether the ban -includes
spare parts.
The import cut is the first
such move since the imposition
of martial law five weeks ago.
But there was a similar invest-
ment freeze by the authorities
in early IPS! on 49 hig indus-
trial projects. At that time.
Polish officials said the move
would not affect those invest-
ment projects involving
western companies, but ihe
country's chronic shortage of
hard currency has upset this
assurance.
The new restrictions are a
major blow to the already
foundering Polish steel, car and
engineering industries, which
have all beer, big users of
imported technology.
The Huta Katowice steel
works, which was expected lo
achieve a production capacity
of 9m tonnes a year and was
the showpiece investment pro-
ject of the 1970s. comes top
of the new list. The order also
bring lo an abrupt halt
development projects in four
other steel plants.
The ban covers five factories
in the car industry including
tile FSO car works in Warsaw,
the Stiirachowice truck plant
and two bus plants in .Telez
and Sanok. The Nowotko engin-
eering works in Warsaw, which
produces machine-tools, is also
on the list.
The order has suspended the
project for a coal gasification
research plant being built in
Silesia in co-operation with
Krupp. the West German com-
pany.
No more equipment is to be
imported for the construction
of an iron ore loading installa-
tion nc-ar Gdansk. The same
restriction applies lo Wierz-
bica cement works, and two
power projects — The Za tonic
power station and one- at Mloty.
According to official figures,
over 1.000 projects were halted
in 1981. However, managers and
'ministries are well versed in
finding ways of avoiding such
restrictions and maintaining
their industries. Tile abrupt ban
on capital goods imports is
therefore another step in the
battle to bring investment
spending under control given
the lack of hard currency.
# Mr Klemens Gniech, the
■manager at the Lenin shipyard
in Gdansk, has lost h'is job. The
new manager. Mr Stanislaw
Zaczek, said yesterday that
work at the yard is back to
normal, according to Press
reports. Mr Gniech was man-
ager at the shipyard during the
August 1980 strike there wh-ich
gave birth to the Solidarity
independent trade union move-
ment.
Polish army hacks party. Page 2
oumes department store to close
BY CARLA RAPOPORT
BOURNES, formerly Bourne
and Hollingsworth, the Oxford
Street department store, is to
close soon. The store's owner,
Raybeck. yesterday blamed the
clos-ure on the decline of
Oxford Street and its own
inability to stem the store's
losses.
Raybeck also owns The Lord
■lohn. Lady at Lord .lohn and
Eerkertex shops throughout
Britain.
Bournes' closure follows the
recent demise of Swan and
Edgar's 3nd White ley's, two
other big London department
stores.
Raybeck bought Eoum? and
Hollingsworth for £11.3m cash
in 1978. The store had not been
trading profitably and has regu-
larly lost money sine? then.
The effect on Raybeck. with
consumer spendiug declining at
its other shops, has been drama-
tic. The group plunged from a
record £7.7m pre-tax profit in
1979 to £l.5m last year, and
yesterday report pre-ta;: profits
oF £256.0011.
" We simply cannot afford the
losses any more." said Mr Alfred
Simons, deputy chairman.
The group has been negotiat-
ing redevelopment of the Oxford
Street site for some months with
Equitable Life and Scottish
Amicable, which bought the
freehold for £I7m in 1979. Ray-
beck then bought a 200-year
lease from the Institutions,
valued at £12m.
Mr Simons would not com-
ment yesterday on the progress
of the talks, but planning per-
mission for redevelopment was
granted last year.
Mr Simons estimated that
500-600 people would lose their
jobs as a result of the closure.
The closing-down sale will start
shortly and the company aims
to close the store by the end
of April.
Mr Simons said: " Department
stores are slightly out of our
line, but it's true that the
shopping centres outside
London have also added to the
fall-off in Oxford Street trade.
The tourists left us and it just
hasn't been the same.”
Mr John Richards, an analyst
with stockbrokers Capel-Curc
Meyers, said yesterday: “The
key thing is that Oxford Street
isn't a very nice place to shop
in any more.”
Raybeck results. Page 17
By Giles Merritt in Brussels
THE EUROPEAN Commission
is expected to award Erazil a
" soft loan " of about S400m
(£215mi to help finance a
S3.3bn iron ore mine in return
for favourable long-term supply
contracts for EEC steelmakers.
Negotiations
Details of the financing,
which would be made by the
Brussels Commission using
European Coal and Steel Com-
munity funds, are still under
negotiation. It is likely That
a visit to Brussels -by Sr Antonio
Delfim Netto. Brazilian Plan-
ning Minister, on February 2
will result in completion of the
deal.
EEC officials have made
plain that a Community loan
totalling 8600m to help finance
the $1.4bn foreign loan package
Erazil is seeking Tor the Slate-
run Carajas mining project in
the Amazon basin is almort
certainly out of the question.
But it seems probable that
tiic EEC will decide to make
two-thirds o£ ih3t amount
available to secure advan-
tageous long-term supply
contracts of Brazilian iron ore
for European steel-producers.
The Carajas project is due to
produce 25m tonnes of ore a
year for export by 1985. increas-
ing to 35m tonnes by I9S7.
European Community involve-
ment in its financing would be
in line wiih the EEC's financial
arrangements for aiding ore pro-
jects in Africa, Canada and
Australia.
Ford Motor offers profit-sharing
BY IAN HARGREAVES IN NEW YORK
FORD MOTOR yesterday
offered its North American
workers a share in the com-
pany's future profits in return
for significant union conces-
sions in a new 33-momb pay
contract.
Mr Peter PestiHo. Ford's vice
president for labour relations,
said the package was a
'* creative " proposal to cut the
company's labour costs and
respond fo the demands of the
United Auloworkers Union for
profit-sharing and more job
security.
Details of the plan were not
available, but Ford said it was
working towards a deadline of
next Saturday.
It is clear, however, that Ford
has rejected th? type of contract
renegotiation being worked on
between General Mutors and the
U AW. which involves labour
cost concessions in return for
lower car prices, which the
union hopes will stimulate the
car market and lead to the recall
of some ri the 300.090 workers
now indefinitely laid off.
Mr Festillo said it had not
yet been decided whether the
profit-sharing plan would be
computed on the basis of
domestic or worldwide results.
Ford's biggest losses have been
m its home market.
The proposals to the UAW
follow' a decision on Thursday
to eliminate shareholder divi-
dends in the first quarter of
this year. Ford is expetced to
report shortly an almost Slbn
loss for 1981. following a $1.5bo
loss in 19S0.
© Tentative agreement on a
new 31-year wage pact was
reached last night between the
trucking industry and the Team
ste-s, one of the main wage
negotiations this year.
No details will be available
until next week. However, it is
widely expected to yield only
moderate pay increases
Continued from Page 1
Th? hoard confirmed the
offer of the disputed 3 per cent
to drivers in membership of
th? NUR but not lo those
members of Aslef — leaving
Aslef isolated. BR has managed
to identify 1.612 drivers and
font plate staff who will be paid
the 3 per com and who will
have a 39-hour week as soon
as possible.
The iYUP. executive yesterday
discussed th? 3 per cent offer,
which is not linked directly to
productivity improvements, inti
was mart? on the understanding
that NUR drivers would join ih?
rest of its membership in arret-
ing to flexible rostering.
Although the a UR will look
□gain at the 3 per cent on Mon-
day. its silence yesterday indi-
cates acceptance.
Meanwhile. Sir Geoffrey
Howe said in Edinburgh yes-
terday that modernisation of
Ih? railways must go hand-in-
hand with improvements in
efiicic/tcy.
Two oi the rail unions had
recognised the need to work
with the BR Board on this, he
sa*d. '* But given the blatant
rei'u'pl of Aslef to agree that
such conditions must he ful-
filled moons it must he right
for the BR Board to take the
s‘.»nd they nave “nd far us to
r:ve them our full backing."
ACC
Continued from Page 1
japan's role
Japan is understood lo have
provided a further S!bn in
financing far ihe Brazilian
venture, conditional on EEG
funding, while the World Bank
is due to lend 3300m.
EEG official: emphasise ihat
nn agreement utt an F.EC fund-
ing deal is unlikely !o he signed
when Sr Dellim Netto visiis
Brussels nt*::i month, hut sug-
gest that talks arranged wuh
Si Franciis-Navier Ortuli. the
EEG Economic Affairs Commis-
sioner. will enable the term.' of
i.h? financing d?a! to he com-
pleted.
alternatively four uf them. ?■■-
eluding Sir Leo. cast th-i-ir
votes at an extraordinary
general meeting in favour of
i he Gill payment in aevordane**
with agreement-, given or.
September t and November 3U.
1981.
All five director-, tii? writ
says, should !>e prevented oy
an order restraining ih<-rn from
l ran- ter ring their vliar?- to any
other person prior v> she re? -
lutmn for the com pen*=a tier,
payment being voted uo-t..
The injunctions az. ;t-i th?
defendants n-fiiain in force until
Tuesday. Mr Justice V:neI?U
mid counsel far .Mr Gili m rh?
High Court that the snjuticmts
should continue until rite
■i..- -let or* and Mr Holmes a
Court who were not present or
rep roseii ted yesterday, had an
tunny to come before the
court.
UK TODAY
RATHER COLD, dull and misty
but mainly dry with freezing
fog in places and tempera-
tures rising above zero.
London, S. England, Channel
Isles
Dull and misty with patchy
freezing fog but mainly dry.
Max. 5C (4 IF t.
The Midlands, N. England.
E. Anglia
Freezing fog early, dull and
misty but mostly diy. Max.
3C I37F ».
SAV. England. Wales
Cloudy with a little coastal
drizzle and moderate or fresh
winds. Max. 7C t45F).
Scotland. The Highlands
Mostly dry with sunny inter
vals after clearance of freez-
ing fog patches. Max. 1C
l34F i.
IV. Scotland. Ireland
Cloudy with occasional rain
or drizzle and fresh winds.
Max. 5C i41Fi.
Outlook: Less cold in South and
East with mist ur fog and
ram later.
Lawyers for the directors and
Mr Holmes a Court said yester-
day that the injunction on
Tin. -day would be opposed.
Ezriicr yesterday Mr Holmes
a Court had taken his first me?:-
shareholder? lo discuss
:!>* Giil payment, Bui because
of - tficr leva! action hy lnsutu-
-hir-.-holders !vd hy the
P r si Office Staff Superannuation
Fund, wniih arc scekiny .in in-
junctioi! lo block the payment
the meeting was adjourned
swiftly.
Terry 9 s
BY REG VAUGHAN
UNITED BISCUITS, the laig.-st
biscuit maker outside ihe U.S..
is acquiring Joseph Terry &
Sons, on? of ih? loading choco-
late manufacturers in th? UK.
from Colgate-Palmolive for
£24. 5m cash
United Biscuits, headed h-fc'ir
Hector Laing. controls about
two-fifths of iht- UK biscuit
market through brand names
such ns M vVi tie'?". Crawford-,.
Penguin. United. Taxi and Yo
Vo. It also ilia nin'aetu res KP
Nuts and own the Wimpy Inter-
national franchising operation.
Terry, a York-based company,
produces high-quality chocolate
products including riie A!! Gold
assortment and lhc Chocolate
Orange unge.
Terry was bought by Fort?'-.
Holdings mow Trust hoy.-?
l-'urie) for £4.2m in 3963. >.-nI-
iny 20U years of independence
for the company.
TIIF sold Terry far £I7.5m
Colgate, the major U.S. nr.us?-
Iiold and personal care products
group
Terry's disposal '■? the latest
in a series of divestment < I>y
Colgate of pjrts >»f the group
which do not fit into its lunge r-
Icrm strategic j&ian.
In July. Colgate sold i:s Ids*-
making Helena Rubin.uein cos-
metic 'off.- hoot ty o new I.OH1-
;iznj. . Albi Enterprise*, for
■VliOm which com-
oa.-:-o --■•it:; a 9142m purcha-
-T in !P73
In December. 1979. Colgate
lispoici o: i T .= H.'-brew Natural
E-Vioj ,:ir,?idi.iry |o I.P. Enter-
r.-i-es irr nn undisclosed sum.
UE ?£'.d ':vi acquisition of
Tern- v:U giw it a -solid foot-
hold in an imr-o riant new mor-
Vct." It plans to increase
Terry'.* profitability through a
Mire increase »n distribution.
At the .same time it will pro-
mote United Bisuni ? products
rhmugh Terry's nutlets.
WORLDWIDE
Y'da/ ■
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Y'day
midday
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f Mki GMT loma;raiufC5.
.. Lj. 'xOtfV j-r- ^
THE LEX COLUMN
Royal Bank left
on the shelf
The Monopolies Commission's
report on the bids for the Royal
Bank of Scotland appears to
close the door on any foreign
bid for a major UK bank, and
on any Sassenach takeover of a
Scottish financial institution.
Apart from the Commission's
own views, it is clear from its
evidence that the Bank of Eng-
land would be very unhappy
about the transfer of ultimate
codtrol of any significant, part
of the UK clearing bank system
outside the UK. On the Scottish
issue, the Commission argues
that a bid for a financial insti-
tution from outside Scotland
might be acceptable if the
victim was short of management
or capital, or had poor long
term prospects as an indepen-
dent concern. Otherwise, it
thinks that there can be no
effective safeguard against what
it describes as the adverse
effects of such a move.
So the prospects of the sort of
shake up in the UK financial
community which seemed to be
on the cards only a week ago
have now disappeared over the
horizon. Just about the. only
recent stock market rumour that
has not been squashed by the
commission is the possibility —
however ludicrous — that
Distillers might take it into its
head to bid for the Bank of
Scotland.
Share prices have already just
about been adjusted to yester-
day’s news. The Royal Bank
closed at 126p, down 15p on the
day and 66p on the week. The
shares yield just over 6 per cent
on the basis of 198 l’s dividend,
and would only have to fall by a
few more pence to be roughly
in line with the London clearers.
The Royal Bank’s perform-
ance in Scotland has been
distinctly sluggish in recent
years, and its lack of inter-
national exposure appears to be
a big worry for its manage-
ment Shareholders, though,
may think differently. UK
retail banking is a lot more
profitable than lending money
to Poland. Perhaps the worst
thing to happen now would be
for the group to rush out and
buy some second rate foreign
Index rose 4.4 to 531.6
hank on the rebound.
Its strengths include a
balance sheet which looks
healthy relative to the other
clearers, and an expanding
English business in Williams
and Glyn's which is accounting
for an increasing proportion of
Its profits. Interestingly, the
Commission believes that the
group in its present shape is
just as capable of becoming an
effective “ fifth force " in
British banking as it would he
in the arms of some big
brother.
As for the wider issues, one
worry is that this report may
be used by overseas banking
authorities to crimp UK banks’
international expansion. How-
ever buying the Royal Bank—
with 43 per cent of Scottish
clearers' 'deposits — is not the
same as bidding for the Fourth
Bank of Boot Hill. Anyway
most of the UK . .banks have
largely completed their big
push Into new territories. The
Bank of England will feel well
pleased, for its status would
have been very seriously
damaged if it had been over-
ruled on this issue.
gross revenues well ahead, it
looks as if operating margins
have come under pressure.
However, for IBM, margins
tend to be a matter of strategy
and the aggressive price cutting
of the past year has helped pro-
duce strong order growth in
spite of the tough marketing
environment Moreover, with
several new ranges now getting
into their stride, there has been
a perceptible switch back to out-
right sales and away from leas-
ing.
So. with the gloom in the
European market lifting
slightly, and benefits from the
U.S. restructuring expected to
come through later m the year,
analysts are upgrading their
earnings forecasts for 1982.
Meanwhile, the U.S. anti-trust
clouds have lifted. The shares
have risen 15 per cent in the
past couple of months, to pro-
duce a yield of 6 per cent.
IBM
IBM has not been an exciting
performer on the New York
stock exchange in recent years.
Competitive pressures have
been a damper on earnings
growth and the dividend was
last raised three years ago.
There have always been worry-
ing political question marks,
from the outcome of the Justice
Department anti-trust case to
the company’s tussle with the
EEC Commission. '
On the surface, yesterday's
results for the fourth quarter
of 1981 provide little
encouragement showing a 12
per cent drop in net income to
$l.lbn. to produce a 7 per cent
decline for the year. Currency
translation has been a depress-
ing factor; nevertheless, with
Markets
The uncertain outcome of the
miners' vote has been casting a
shadow over both the equity and
gilt-edged markets this week.
With the authorities -in
America providing no clear
lead, gilt-edged have been
drifting and the Government
Broker has sensibly refrained
from testing the market’s
resilience with full-scale fund-
ing.
Early in the week it looked
as if the Federal Reserve was
worried enough about < the
acceleration in monetary growth
tc tighten Its grip. -It now
seems that this week’*
maneouvres can be explained by
seasonal factors, notably snow-
storms and therefore uncleared
cheques. Yet concern about Fed
policy probably contributed to
the weakness of sterling which
was down about 5 cents on the
week in London even after yes-
terday's slight rally to S1.S6S0.
It might have been different
if interest rates in London had
been noticeably tight, but the
Bank of England made a verv
smooth job of accommodating
the large shortages building up
in the money markets.
This advertisement is published by Morgan Grenfell & Co. Limited on behalf of
The RmTInto -Zinc Corporation limited (RTZL The (Drectars of RTZdnducBno those
who have delegated detailed supervision of this advertisement) have taken aH reasonable care to
ensurethatthefacts5tatedandop(nionsexpre5sedhereinarefafrandaccur3teandeachoftiie
directors accepts responsfbOty accorcttngly.
Increased Offer
forWard
byRTZ
Dont risk the
present severe weather
conditions or
transport strikes delaying the
arrival of your Acceptance.
RlZk increased offer must
receive sufficient Acceptances by
3pm Tuesday 26th January 1982
or it must lapse.
POST YOUR ACCEPIANCETODHr
The EioTinto-Zinc Corporation Limited.6 St James's Square.London SWW4LD.
■AcajS'erad fli rtja Post Office. Printed fay Sl Clemwrt'* Pieu for end published
F ^ n^, ' c ' , T m “ Lw " Br3chon House, Camion Street. London. ECdP 4BY
H © "h>e Finanoia) Times Ltd., 1982.'
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